Techs move North American markets

The Dow dropped by 66.67 to 10,
581.84. The index was up by as
much as 100 points before a raft
of computer-generated sell orders
carried it lower today. The S&P
also closed 6.38 lower, to 1347.74.
Winners edged out losers by 8 to
7 on the NYSE.

Nasdaq, however, traded above
3,000 for the first time ever.
It closed up 13.95 to 2981.60.
The tech-stock run-up is being
attributed to continued strong
earnings reports, especially in
the semi-conductor stocks.
Sun Microsystems gained US$3
11/16 to $107 5/8, for example.
Other Internet hardware providers,
such as Cisco Systems, and
tech stocks like Intel and
Oracle also pushed higher
today. Gainers outplayed losers by
a margin of 21 to 19.

In Canada, the TSE dropped
55.98. Mining and gold stocks
continue to slide, along with
bullion prices. Nortel Networks,
which has seen a week-long share-
price run up, slid back today,
after the company announced a $400
million global expansion. The
stock was down by C$2.60 in late
afternoon trading. Another
Ottawa-based tech stock,
Newbridge, announced another
earnings warnings, and its share
price consequently slid C$5.90 to
24 late in the day. President
Alan Lutz says he will resign
after the seventh earning warning
in 11 quarters. The company has
been losing market share to star
Internet systems maker,
Lucent Technologies.

The ME dropped 18.21 to
3,824.98. The VSE slid another
0.25 to 394.12. The ASE took on
11.69 to 2903.38.

On the interest rate watch,
Gordon Thiessen, Bank of Canada
Governor, said in a speech
Tuesday that Canadian economy
might be running to hot. The
Canadian central bank might move
with any U.S. interest rate hikes
if the Fed moves that way on Nov.
16.