Markets hop around like frog on speed
US up while London takes a beating
It was U-turn time on the US markets on Tuesday, with a record Nasdaq gain of 76 points or nearly 5.1 per cent to 1575. In New York, the stock exchange had its heaviest ever trading day with the Dow Jones industrial average up 288 points or 3.8 per cent to 7827. On average, around half the losses of the previous day were recovered by most of those who did not panic and sell earlier in the day. Volatility is very pronounced in that the Dow's daily range was nearly 500 points, with initial rallies collapsing before a strong recovery later in the day led by technology stocks. Most technology stocks gained some of the ground they had lost the previous day, with the noted exception of amazon.com which further slipped 3 3/4 to 80 on downgrading by a financial analyst. Dell and Cisco both gained more than 8 per cent, SAP's American depositary shares put on 7 3/4 to 49 5/8, but its rival PeopleSoft was down 4 9/16 to 32 11/16. There was some blood letting in the UK, with London Bridge Software down 28 per cent to 900 pence, Misys down 13 per cent to 23.04 pounds, and Sage off 12 per cent to 11.375 pounds. Even established mobile telephone companies like Vodafone and Orange were off 11 per cent and 14 per cent respectively -- making them a buy, according to sector analysts. The Philadelphia Semiconductor Index jumped 5.4 per cent, with US technology indexes showing gains in the 6 to 7 per cent range.®
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