Wall Street revelled in its best day in a month today with buyers reasserting themselves amid upbeat news about consumer spending.

Share prices were higher in relatively quiet midday trade still on relief Iraq accepted the UN resolution on weapons inspections, dealers said.

Shares in technology companies were flat to slightly lower midday in lacklustre rangebound trade as the heavyweight chip sector came under pressure following Applied Materials job cuts announcement despite a buoyant networking sector ahead of Cisco's results tomorrow, dealers said.

Share prices were higher in choppy trade as defensive buying in the pharmaceutical sector, gains among technology stocks and tobacco companies helped offset a weak retail sector after Sears issued a third-quarter profit warning, dealers said.

Shares in technology companies traded lower midsession, as investors continued to take their cue from the recent slew of negative news hitting the sector and as buyers widely continued to remain elusive, dealers said.

US retail sales collapsed by a record 3.7% in November from the previous month, the US Commerce Department announced Thursday 14th December 2001.

Profit warnings from Ciena and Lucent Technologies, and news of more layoffs and deteriorating retail sales, unnerved Wall Street today and prompted heavy selling.

Buyers have swooped back into the US stock market.

Bargain-hunting investors sent the US stock market higher today.