Energy and techs push markets up

The TSE gained 73.90 to close at
7399.50. It was the recipient of
some resource-sector speculation.
Economic reports released today
show the production of crude oil
is slowing, which sent the oil
and gas sector on the TSE up 136.91
points. Talisman Energy
gained C$1.55 to $27.80, and
Berkely Petroleum added
$1.30 to close at $19.45.

Gold was also up US$6.20 to
$299.30 today on speculation that
the Bank of England will end its
bullion auction. Investors bought
up shares of Placer Dome,
Franco-Nevada Mining Corp. and
Barrick Gold. They were
each up about C$1.50 today, but
near the end of the day the Bank of
England issued at press release
saying the rumours were false.

The Vancouver Stock Exchange
closed up a half point, and the
ASE gained 9.67 to 2907.75. The
ME stepped up by 15.08, to
3,844.17 as well.

In the U.S., the Dow dropped
19.58 to 10,597.74 after the PPI
showed truck, auto and
pharmaceutical prices were way
up in October. The rest of the
PPI was fairly stable. The
S&P gained 8.18, and Nasdaq
resumed its climb. On strong
earnings communications hardware
manufacturer, Cisco Systems,
gained 5.8% to close at US$78 9/16.
Compaq and Apple were
each up as well.

In the “unbelievable IPO”
category, Expedia gained
303%, or US$42 1/2 to $56 1/2,
it’s first day on Nasdaq. It’s an
online travel search engine.