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Strategies & Market Trends : Fidelity Select Sector funds

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To: Proud_Infidel who wrote (4909)	11/23/2003 9:26:01 AM
From: Proud_Infidel	Read Replies (1) of 4916

Fidelity strategist sees extended market recovery Saturday November 22, 9:21 am ET MADRID, Nov 22 (Reuters) - Global investment strategy head at the world's number one mutual fund Fidelity Investments (News - Websites) said in an interview published on Saturday stock markets had the potential to continue their recovery. "For three years the American stock market has experienced one of the sharpest corrections in its history. And in a year it has recovered 35 percent. If it stopped there, it would be one of the shortest recoveries," Fidelity's Rick Spillane was quoted as telling financial daily Cinco Dias. "If we add that companies are posting some record profits and there has not yet been a massive influx of money into equities, there is still scope for markets to go up." This week U.S. stocks eroded some of the gains notched up earlier in the year, but the Dow Jones industrial average (^DJI - News) still closed the week up 15 percent since January, while the Nasdaq Composite Index (NasdaqSC:^IXIC - News) had added more than 40 percent over the same period.

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