Blue-Chip stocks edged up as upbeat news from retail giant Home Depot buoyed economically sensitive stocks at the expense of technology shares. The session closed out November as the best month for stocks since April, and what will likely be one of the best of the year. For the week, stocks fell, but tech stocks rose.
"We're no doubt still mired in economic weakness, but I sense growing confidence that our worst post-September 11th fears aren't being realized and that we'll be seeing a recovery next year," said Mr Paul McManus, director of research at Independence Investment.
Semiconductor stocks tumbled after Novellus Systems warned about weak fourth-quarter orders and possible losses in the 2002.
Home Depot, the world's number one home improvement retailer, scaled back its earnings outlook and slowed the pace of new-store openings. Wall Street, which feared even worse news, bid the Dow stock up $2.64 to $46.66.
Novellus Systems fell $3.53, or 8.5 per cent, to $38.07.
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