By Gavin Adamson
(February 17 – 17:00 ET) – When Alan Greenspan speaks, everyone listens – except for internet investors. The Chairman of the U.S. Federal Reserve gave testimony before the Congressional banking committee today. He hinted at further interest rate hikes.
He gave the statement on the same day that the latest U.S. PPI report indicated that inflation is low. After an early jump, most markets fell after Greenspan’s testimony – except for techs.
The TSE was up 75.7 at noon, but settled for a 32.26 point day, closing at 9,460.87. Ten of the 14 sub-indexes closed higher. Wireless tech company Research in Motion added C$9.60 to $163.40. ATI Technologies added $2.35 to $25.20 on heavy volume. Air Canada jumped to $16, up $1.50.
The Dow closed down 46.84 to 10,514.57 after setting out for a positive day. The financials led the way down. Oil prices also sagged today sending that sector south as well. Losers outplayed gainers by 15-14 on the NYSE.
Meanwhile on the Nasdaq, where winners beat out losing stocks by a margin of 22-19, biotech and small cap technology issues led the way. Human Genome added US$28 9/16 to $216 9/16. Altymetrix put on $29 1/4 to $299 3/8. Computer hardware and semi-conductor rose. And CommerceOne, an Internet business-to-business facilitator, added $8 3/8 to $192 5/8 after signing a deal to provide Citibank with its Internet auction services.
The CDNX carried on, adding 41.63 to 3,448.26. Unique Broadban, a wireless data provider, swelled by 25% to C$14.25.