By Gavin Adamson
(March 1 – 17:00 ET) – North American markets continued to make a scene with tech stocks in the starring role. The TSE ballooned 282.59 to 9,411.58, led by surges in the usual suspects. BCE added C$7 to $165, Nortel put on $7.60 to $168.10. Fibre optics giant JDS Uniphase jumped by $12.55 to $203, and Research in Motion continued its romp, up $8 to 210. 724 Solutions swelled by $52.95 to $324.95.
The oils fared well today too, as the price of April crude jumped by US $1.34 to $31,77 in New York. CNDX benefited from the rise, adding 79.27 to 3,908.44 on the backs of penny oil stocks like Marum Resources, up 52% to 41 cents, and Orcana Resources, up 136% to 26 cents. FAS International, the small-cap telecom company, was also traded heavily and added 7% to 79 cents.
It was much the same story in the U.S. The Dow crept up by 42.50 to 10,170, with Microsoft and Intel leading the way. Investors also like the potential merger between two cell-phone networks SBC Communications, and Bell South. Each firm saw its share price gains.
Nasdaq packed on another 89.64 on top of yesterday’s record, closing at 4,786.63. Net stocks, biotechs and computer hardwares continued to fly, led by Lucent technologies which announced it would sell off it’s less profitable telephone equipment business and concentrate on fibre optics. Also of note was a US$2 9/16 jump in Coca-Cola stocks after an analyst gave it strong buy recommendation based on earnings expectations. The stock closed over $51.
In the background, a monthly producers price report in the U.S. showed the prices paid index continues to rise. A US wage pressure indicator is released Friday, which will interest analysts.