Sun, Jul 20, 2003 - Page 10 News List

Tech gamblers lose in New York

TEPID OUTLOOK Wall Street was disappointed by IBM's poor showing, but analysts were surprised by the strength of the US' financial services sector

AP , NEW YORK

Levkovich said a cross-industry leader might be dividend-paying stocks, which have benefited from US President George W. Bush's tax cut earlier this year. The winners might not be companies that pay the highest yield now, but those that surprise investors later with dividend increases.

In the end, investors might not be able to count on a clear sector winner anytime soon. That would require investors to consider frequent portfolio shifts or even greater diversification.

In a bull market run, "there are always sectors that really provide the leadership, who have the wind at their back in a very obvious and compelling way," said Charles White, vice chairman and portfolio strategist at Avatar Associates.

"But I don't think we're there yet in any particular sector," he said. "It's really too soon to sit here and pound the table and say all the pieces are in place."

For the week, the Dow Jones industrials rose 68.56, or 0.8 percent. They closed Friday at 9,188.15.

The NASDAQ composite index had a weekly decline of 25.42, or 1.5 percent, closing at 1,708.50 on Friday. The Standard & Poor's 500 index had a weekly loss of 4.82, or 0.5 percent, finishing at 993.32.

For the week, the Russell 2000 index, the barometer of smaller company stocks, fell 9.01, or 1.9 percent, closing at 464.76.

The Wilshire 5000 Total Market Index, which tracks more than 5,700 US-based companies, ended the week at 9,546.66, down 64.27 from the previous week. A year ago, the index was at 8,082.99.

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