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It Came In Like Lamb, Went Out Like A Lion; Tech's On The March; Late spending rebound likely will keep boosting many technology stocks.(INTERNET & TECHNOLOGY)
Byline: BRIAN DEAGON
One thing is certain regarding tech spending: 2003 ended much better than it began.
The Commerce Department expected business spending on technology to end the year up 6.4% vs. 2002. Most tech surveys project a 5% to 7% rise in 2004.
Thus ended three years of little or no growth in the amount of money companies spend on tech goods and services after double-digit spending growth for most of the 1990s.
"It's clear the information technology sector is on the comeback trail," said Phil Bond, undersecretary of technology for Commerce.
This wasn't at all clear in early 2003. Reports by Goldman Sachs, Merrill Lynch and others said business spending on tech would remain in a slump through 2003 and much of 2004.
Yet in the second half of '03, businesses started to boost budgets, says the Commerce Department.
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