Techs rise on bargain search

Puntúa la noticia :

Nota de los usuarios: - (0votos)

• Bolsa, mercados y cotizaciones
• Empresas y finanzas

Share

Tweet

elEconomista.es en Twitter

Follow @eleconomistaes

EcoTablet - ¡Gratis en App Store!

La plataforma más completa de información y servicios económicos para iPad.

• Suscribirse al boletín
• Imprimir
• Enviar
• Aumentar texto
• Reducir texto
• Haga doble click sobre una palabra para ver su signifcado
• Sudoku: Juega cada día a uno nuevo
• El tiempo: Consulta la previsión para tu ciudad

By Ellis Mnyandu

NEW YORK (Reuters) - Technology shares rose on Wednesday as investors followed Tuesday's tech sector rout with a search for attractively priced shares, tempering concerns about the worsening global economic outlook.

But the Dow and the S&P 500 were little changed near 11-year lows as disappointing outlooks from companies such as farm equipment maker Deere & Co and bleak economic reports revealed more weakness in the economy.

Shares of Cisco, a networking equipment maker, rose 1.6 percent, a day after the stock led a tech sell-off on worries about faltering demand, while shares of Apple Inc

gained nearly 4 percent, making the iPod maker the Nasdaq's top boost.

Even so, mounting signs of more deterioration in the broader economy caused some investors to sell financial shares, with JPMorgan , off more than 3 percent. Big manufacturers also took a hit, with shares of chemical company DuPont falling more than 2 percent.

Bleak economic data included government reports that showed orders for costly manufactured goods plummeted in October, and consumers cut spending at the steepest rate in more than seven years.

"The economy froze up during the month of October. Other than that, there's not much activity on the day before Thanksgiving," said Giri Cherukuri, head trader at OakBrook Investments LLC in Lisle, Illinois.

"People are pricing in a lot worse information and at these stock market levels ... there might be some buying coming into the market."

The Dow Jones industrial average <.DJI> shed 4.07 points, or 0.05 percent, to 8,475.40. The Standard & Poor's 500 Index <.SPX> declined 0.45 point, or 0.05 percent, to 856.94. The Nasdaq Composite Index <.IXIC> shot up 20.20 points, or 1.38 percent, to 1,484.93.

Adding to nervousness, China announced its biggest interest rate cut in 11 years to help cushion a faltering economy and Toyota <7203.T> has had its top-notch credit ratings cut for the first time in a decade. China is a key destination for U.S. exports.

Shares of Deere, the world's biggest farm equipment maker, declined 9.4 percent to $29.99 after the company forecast a lower 2009 profit.

Upscale jeweler Tiffany & Co slashed its full-year forecast and said it plans to cut staff and pare back its 2009 store growth plans, in a fresh sign that the economic slump is also buffeting affluent consumers.

Also trash hauler Waste Management warned of further deterioration in fourth-quarter results. It shares fell more than 5 percent to $28.04 on the New York Stock Exchange. Shares of JPMorgan declined to $28.86, as those of DuPont slid to $23.52.

(Editing by Kenneth Barry)

PUBLICIDAD

- Recibe nuestros análisis Diarios sobre Divisas, Acciones y Opciones. ¡Apúntate ya! ¡Es GRATIS!

- Opere en más de 8.000 CFDs. Infórmese y obtenga su CFD Trading Guide

- Nuevos spreads en materias primas: Oro tan sólo 0,3 puntos, Plata 0,25, Petróleo 0,35

- Opera desde 2,95 € en tiempo real con Self Bank.