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Tech shares Boost Wall Street Technology shares outpaced the broader market on Wall Street on yesterday. By the close, the Dow Jones Industrial Average was flat at 10,314.69. The S&P; 500 index added 0.2 per cent to 1,125.91 and the technology-heavy Nasdaq Composite index put on 0.9 per cent to 1,910.38. Some market observers have said that a far from clear picture of the US economy, combined with the imminence of the November presidential elections and stubbornly high energy prices, are keeping investors on the sidelines. Yesterday, only 1.3bn shares exchanged hands at the New York Stock Exchange. This week brings a bevy of economic data on retail sales and consumer confidence, as well as consumer-price inflation and industrial production. But their impact on trading could be limited by the impression many market participants have that the recent data could be distorted by the hurricanes affecting the south-eastern US. In addition, the end of the week brings quadruple-witching, or the simultaneous expiry of options and futures for indices and stocks. The accentuated volatility normally caused by quadruple witching could be compounded by the observance of the Jewish new year on Thursday and Friday, which could keep many Wall Street employees at home. In all, the stage appeared set for more inconclusive trading, with some analysts pointing out that a decrease in oil prices or another similar event could breathe new life into a short-term rally lacking in both volume and pace. Tobias Levkovich's team at the Smith Barney unit of Citigroup wrote on Monday: "We continue to be tactically cautious as we think earnings concerns could interrupt the widely anticipated fourth-quarter rally." A high-profile acquisition in advertising dominated the morning's action. The shares of Grey Global added 4 per cent to $977.90 after the advertising agency agreed to be taken over by the UK's WPP for about $1.5bn in cash and shares. Who Are We ? | About THISDAYOnLine.com | THISDAY People | Contact Us © Copyright 2000 Leaders & Company Limited

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