IT companies see business boom

IT COMPANIES are doing extremely well despite the economic situation, according to the Standard and Poor index.

The index shows that for the first time since 2002, the IT industry has overtaken the financial sector. IT companies were 16.26 percent of the S&P 500, compared with 16.19 percent for financials.

It is still not as strong as the heady days of March 2000, when the IT sector made up 34.51 percent of the index.

However analysts warn that the IT sector is not particularly strong. It is just that the financial sector has been walloped by things like the credit crunch and economic weakness.

In otherwords IT stocks didn't go up, finance companies went down. µ

L'Inq
Sydney Morning Herald