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| Sunday, May 17, 10:33:57pm | [ Login ] [ Contact Forum Admin ] [ Main index ] [ Post a new message ] [ Search | Check update time | Archives: 1, 2, 3, 4, 5, 6, [7], 8, 9, 10 ] |
| Subject: Stocks held strong gains on Monday, with the Nasdaq at a 13-month high as positive comments from Wall Street analysts and expectations for an economic rebound in the year’s second half fueled buying in technology shares. | |
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Author: Investors interest in IT shares soar July 7th |
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Date Posted: Tuesday, July 08, 09:46:32am http://www.dailytimesofnigeria.com/DailyTimes/2003/July/8/Investors.asp Investors interest in IT shares soar Stocks held strong gains on Monday, with the Nasdaq at a 13-month high as positive comments from Wall Street analysts and expectations for an economic rebound in the year’s second half fueled buying in technology shares. Semiconductor-related shares were among the leading sectors, getting a boost from a better outlook for the global chip sector and solid results from Taiwan’s TSMC the world’s largest contract microchip maker. The market’s recent resilience and stellar gains in the technology sector, with the Nasdaq Composite Index up about 35 per cent since mid-March, have made some investors fearful of missing out on further gains, said Peter Gottlieb, president of Gottlieb Investment Management Corp. “Money is just flowing to the areas that have been acting the best in this environment,” Gottlieb said. “We’re in a down time in terms of news, and the only thing investors have to point to is performance.” Whether corporate earnings will ultimately keep up with the market’s expectations is yet to be seen, investors are willing to take an optimistic view for now. The Dow Jones industrial average was up 145 points, or 1.59 per cent, at 9,214.76, while the broader Standard and Poor’s 500 Index was up 17 points, or 1.72 per cent, at 1,002.70. The technology-laced Nasdaq Composite Index (.IXIC) was up 48 points, or 2.89 per cent, at 1,711.61, touching levels unseen since late May last year. At mid-morning, the Dow climbed more than 180 points, triggering the New York Stock Exchange trading collars, which restrict index-arbitrage trading. Microsoft Corp. rose following a newspaper report that it was considering paying its shareholders a special dividend of more than $10 billion. Microsoft and semiconductor manufacturer Intel Corporation were the biggest percentage gainers in the Dow and were lifting the Nasdaq, as well. Microsoft advanced 94 cents, or 4 per cent, to $27.44, while Intel gained $1.02, or 5 per cent, to $22.74. TSMC increased to 96 cents, or 9.6 per cent, to $10.99 and was the second-most actively traded stock on the New York Stock Exchange. Optimism about the chip sector rose after Deutsche Securities revised upward its outlook for the global chip market. The Philadelphia Stock Exchange’s semiconductor index gained 5.6 per cent. Traders also pointed to an upbeat report on technology spending from Goldman Sachs. Adding to the positive tone in the tech sector, Japanese technology weekly Nikkei market access reported the number of personal computers sold at large Japanese electronics stores rose 20 per cent in the week ended June 22 from the same week one year ago. [ Next Thread | Previous Thread | Next Message | Previous Message ] |
| Subject | Author | Date |
| read an article this morning--while IT poxedexpected to be slightlyless poxed later towards end of this year | 03/03/03 | Tuesday, July 08, 09:52:16am |