WALL Street chips closed sharply higher yesterday after a late-session sprint as investors scooped up bargains among consumer-orientated stocks and turned their backs on the technology sector.
The Dow jumped 116.83 points, or 1.29%, at 9171.48, helping to rouse the broader market from its afternoon slumber.
The gains came despite heavy selling in key technology stocks amid profit warnings and worries over the sector's outlook, analysts said.
''It's representative of some bargain-hunting, such as in Disney and AT&T, stocks which have been hit hard recently,'' said Bill Meehan, chief market analyst at Cantor Fitzgerald.
''What we are seeing here is some of the money that has come into the market being put to work, but within very specific segments in the large cap market,'' he added.
n BANK of New York said yesterday it was withdrawing its $21.8bn (#13.20bn) bid for Mellon Bank, citing Mellon management's refusal to discuss the offer.
Bank of New York had made an unsolicited offer to acquire the Pittsburgh-based banking company on April 22, saying the combined group would be better able to compete in the rapidly consolidating financial services industry. It said key Mellon shareholders had privately expressed support for the proposal.
But Mellon rejected the offer, citing its desire to remain independent.
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