By Gavin Adamson
(March 8 – 17:00 ET) – The TSE was playing catch up today , allowing investors to unload stocks they couldn’t unload yesterday during the TSE’s tech breakdown. The TSE 300 index dropped another 148.12 to 9,277.36. BCE lost C$2.35 to $170, and Nortel slipped $2.45 to $175.55. JDS Uniphase deflated by $8.50 to $198.50 and Research in Motion lost $16 to $190.
Tech stocks slipped some more on the CDNX as well. But the index was carried higher by oil and gas companies as investors speculate on higher crude prices. Savanna Resources was heavily traded, but it’s price remained unchanged. Glenbriar Development swelled by 140% to 88 cents.
The Dow edged up by 69.81 to 9865 during a volatile day, led by Johnson & Johnson and Merck. The S&P dropped 11 points. Eight stocks dropped for every seven that rose on the NYSE.
Nasdaq bumped up 36.73 to 4,884.57. Microsoft continued to do well amid promise the company will settle their issues with the U.S. Department of Justice. Oracle signed a deal with oil-giant, Chevron, to design a web-based supply exchange, carrying its stock higher as well.
The U.S. Federal Reserve’s Open Market Committee meets again March 21. Most analysts expect another quarter point increase on the overnight lending rate.