"The market did what it was supposed to do today," said David G. Shulman, the chief stock strategist at Salomon Brothers.

But in the long run, the tax reductions could have subtle but significant effects on the financial markets, money managers and stock strategists said.

Moore suffered a setback early in the year when the firm's top stock strategist, Stanley Shopkorn, departed.

Her father is a managing director of research and a stock strategist at Lehman Brothers in New York.

Despite the strong showing, the gain was not broad based, and some stock strategists called it only a short-term rebound.

Several Wall Street firms are reassessing the role of the highly paid stock strategist.

"We are looking at zero growth right now," said Joseph Abbott, stock strategist for the New York firm that tracks analysts' earnings estimates.

Mr. Johnson is in the group of stock strategists expecting the fallout from Asia to have a significant drag on the American economy and corporate earnings.

Since she joined Merrill in June 2000, Ms. Callies has been one of the more bullish stock strategists on Wall Street.

The bifurcated market indexes pose something of a quandary for Mr. Greenspan, stock strategists say.