Tech and telecom stocks are down following overseas markets. Old-economy stocks will perform better.

The local market just follows overseas stocks in rebounding, and the positive BEA results fanned hopes that other banks will also perform above expectations.

The one small grace in this is that the ripple effect on the whole economy will not be as severe as might be expected.

Wall Street was steadier overnight and Hutchison has denied a share placement rumor, so the market rebounds.

If the economy is growing, companies' earnings are growing and that moves the market.

An economy that was clearly bad has gone to worse after those (Sept. 11) tragedies took place,