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The Honolulu Advertiser

Posted at 11:31 a.m., Monday, August 11, 2003

Tech shares lead as market rebounds

Hawai'i Stocks
Updated Market Chart

By Hope Yen
Associated Press

NEW YORK — Brokerage upgrades of Oracle and Adobe Systems gave Wall Street a boost today, with tech shares leading the gains and rebounding from heavy losses last week.

Volume was light as many investors refrained from major buying in advance of a Federal Reserve meeting on interest rates tomorrow and economic reports due out later this week on retail sales and the producer price index.

“The Oracle and Adobe upgrades helped create a bit of a snapback,” said Michael Palazzi, managing director of equity trading at SG Cowen Securities. “But we really have to look at the economic data points and the companies reporting later this week to give us a gist of what’s happening and trends for the second half of the year.”

The Dow Jones industrial average closed up 26.26, or 0.3 percent, at 9,217.35, following a weekly gain of 0.4 percent.

The broader market also finished higher. The Nasdaq composite index gained 17.48, or 1.1 percent, to 1,661.51. The Standard & Poor’s 500 index rose 3.00, or 0.3 percent, to 980.59.

Oracle gained 39 cents to $11.68 after Merrill Lynch upgraded the software company’s stock rating to “buy” from “neutral,” citing good valuation.

Adobe Systems climbed $1.48 to $33.26 after US Bancorp Piper Jaffray raised the graphics software maker’s stock rating to “strong buy” from “outperform.”

Advancing issues outnumbered decliners about 8 to 5 on the New York Stock Exchange.