Pakistan News Service

Thursday Nov 23, 2017, Rabi-al-awwal 4, 1439 Hijri
Logo Logo
LATEST :
Pakistan News Home -> Information Technology -> News Details

IT companies now largest sector in S&P 500

22 May, 2008

  Related News  
Cisco, Microsoft, EMC form govt data alliance
At last, Microsoft ships Vista
  More on this View All

NEW YORK: Is the Internet boom back? No, but information technology companies have again overtaken the financial industry as the largest sector in the S&P 500 index, Standard & Poor`s said Wednesday.

IT was last the top dog of the index in early 2002 as tech bubble was deflating, according to Howard Silverblatt, senior index analyst at Standard & Poor`s.

At Tuesday`s close, IT represented 16.26 percent of the S&P 500, compared with 16.19 percent for financials, Silverblatt wrote in a report. It expanded its lead on Wednesday.

At the peak of the boom in March 2000, the IT sector made up 34.51 percent of the index, Silverblatt said.

This time, the IT sector is not the biggest because of giddy growth, but because it`s been hit less hard than the financial sector by the credit crunch and economic weakness.

Financial stocks have retreated 29.11 percent since their peak on Oct. 9 last year, according to Silverblatt`s calculation, while IT companies have lost 8.74 percent.

"Information Technology stocks didn`t go up, the leaders went down," Silverblatt wrote.

The trend continued Wednesday with the financial sector losing 2.6 percent and IT retreating 1.9 percent.

End.

 What do you think about the story ? Leave your comments!

Heading (Optional)
Your Comments: *

Your Name:*
E-mail (Optional):
City (Optional):
Country (Optional):
 
 
Field marked(*) are mandatory.
Note. The PakTribune will publish as many comments as possible but cannot guarantee publication of all. PakTribune keeps its rights reserved to edit the comments for reasons of clarity, brevity and morality. The external links like http:// https:// etc... are not allowed for the time being to be posted inside comments to discourage spammers.

  Speak Out View All
Military Courts
Imran - Qadri long march
 
Candid Corner
Exclusive by
Lt. Col. Riaz Jafri (Retd)
Pakistan itself a victim of state-sponsored terrorism: Qamar Bajwa
Should You Try Napping During the Workday?
Suggested Sites