Ensign says unveiling of bill boosted stock market

Friday, July 29, 2005 | 9:37 a.m.

WASHINGTON -- Sen. John Ensign took credit for helping to drive the stock market up on Wednesday.

At a morning Capitol press conference, Ensign, R-Nev., unveiled a bill he authored that would overhaul the telecommunications industry.

The legislation would ease government regulations to better allow technology companies to offer video and other broadband services. Critics say the bill could give companies an unfair edge by curbing the ability of cities to offer low-cost broadband for citizens.

Ensign noted that telecommunications equipment stocks went up Wednesday, propelling the market to a positive close.

"The overwhelmingly positive reaction from Wall Street yesterday underscores the tremendous opportunity this bill represents for new investment and job creation here in the United States," Ensign said in a statement.

Analysts credited Wall Street strength on Wednesday to a Federal Reserve report that suggested signs of a resurgent economy and other good news: a better than expected report on durable goods sales for June and a Commerce Department announcement about a new home sales record for June.