Nasdaq holds above 3000

The Nasdaq news overshadowed
the “beige book,” a monthly U.S.
report which indicated today that
the economy may be slowing down a
little.

The Dow dropped 27.22 to close
at 10,609.06, while the S&P
took on 7.19, to 1394.53. On the
NYSE winner bested losers 15-14.

There was no single sector
story, except on the Nasdaq,
where tech stocks flew again today.
Gainers outscored losers 22 to 16.
Blockbuster is becoming the
premier home video rental business
listed on AOL. That news
sent share prices for both stocks
higher. AOL jumped by US$5 7/8 to
$139 and Blockbuster gained $1
3/8 to $13 7/8 on the news. The
official Nasdaq close was 3028.55,
up 46.92, or 1.6%.

On the TSE, Nortel Networks
and JDS Uniphase continued
to keep the push the 300 index
higher. Nortel took on C$4.65,
to close at $94, while JDS gained
$30.05 to $282. BCE also
swelled by $3.05 to $90. Based on
those performances alone, the
industrials and the utilities were
the only 2 of 14 sub-sectors that
gained ground today.

The ME slipped by 21.35 to
3,804.22. The ASE closed down
20.50, to 2882.15, and the VSE
dropped almost a point to close
at 393.22.

Although the beige book pointed
toward slowing factory orders,
weaker retail sales and
construction, many U.S. analysts
are waiting for this Friday’s
employment report. Any hint of
upward wage pressures, and the
Fed’s position on future interest-
rate hikes will be up in the air
again.