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Wall Street Opens Flat As Tech Shares Rise, Airlines Fall

August 21, 2008

Wall Street opens flat as tech shares rise, airlines fall

NEW YORK, Aug. 20 (Xinhua) — Wall Street opened flat Wednesday, after better-than-expected earnings from Hewlett-Packard sent technology shares higher while oil rally weighed on airlines.

Hewlett-Packard, the world’s largest personal-computer marker, reported that its fiscal third-quarter earnings rose 14 percent on robust notebooks sales and strong international demand. Technology giants such as Dell, IBM gained in early trading.

However, oil rallied to a two-week high and weighed on stocks. Light, sweet crude rose 1.78 U.S. dollars to 116.31 dollars per barrel on the New York Mercantile Exchange, before the weekly oil inventory figures coming soon. UAL, parent of United Airlines, and US Airways slipped in morning trading.

Meanwhile, investors also kept an eye on financials, after Goldman Sachs slashed earnings estimates for banks and brokerage firms.

The Dow Jones fell 6.76 to 11,341.79. Broader indexes inched up. The Standard & Poor’s 500 index rose 0.75 to 1,267.44, and the Nasdaq rose 5.61 to 2,389.97.

(c) 2008 Xinhua News Agency – CEIS. Provided by ProQuest LLC. All rights Reserved.