The stock market recouped most of its losses from yesterday ending up almost half a percentage point despite some profit-taking and a poor performance in major international markets.
Some cautious words from US Federal Reserve chairman Mr Alan Greenspan did little to buoy sentiment across markets.
Testifying to the House Financial Services Committee on the health of the US economy Mr Greenspan said the central bank remained hopeful of an economic rebound in the US, but was prepared to cut short-term interest rates again if the economy's current weakness persists.
In remarks prepared for a congressional committee, he warned that the risks would seem to remain mostly tilted toward weakness in the economy and he would look for clues on whether the Federal Reserve would operate a seventh rate-cut for the year.
This side of the Atlantic the UK market ended down almost half a point as caution prevailed. In the domestic market a quiet day's trade saw the financial sector see-saw and Bank of Ireland closed up one cent at #11.82 while AIB shed a cent to #12.93. Anglo Irish Bank was up almost 2 per cent at #4.55.
While volume was relatively light traders said many Irish stocks were seen as good defensive plays by overseas markets and were enjoying unseasonal interest.
Ryanair jumped a further 25 cents to #12.45 as investors continued to show their vote of confidence for the budget airline. Ryanair has been involved in a price war on its Scottish routes with new entrant to the Irish market UK budget airline Go.
The Irish no-frills airline has a healthy balance sheet and analysts believe it can weather a few knocks without any serious detrimental effects.
Eircom dropped one cent to #1.33 and pharmaceutical Elan added 1.20 cents to #70.00.
Leading industrials CRH and Smurfit had a mixed day with CRH ending down four cents at #20.46 and Smurfit off two cents at #2.30.
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