Wellington, Oct 2 NZPA - The New Zealand share market closed higher having posting some healthy gains just ahead of the close.
But brokers said the market is treading water until the US financial bailout jumps all of its hurdles.
The NZX-50 index closed up 44.679 points, or 1.401 percent, at 3232.64. There were 52 rises and 29 falls and turnover was worth $67.64 million, which is low.
The US Senate today passed an amended Wall Street bailout package, putting pressure on the House of Representatives to follow suit after killing an earlier bailout on Monday.
US President George W Bush welcomed the passage of the bill, and called on the House to act in the next two days to avoid further damage to the US economy.
The New Zealand share market was up around 30 points when the Senate vote was announced, it drifted lower after it, then posted some gains going into the close.
"I think people are treading water for the big vote," said James Smalley, a client adviser with Hamilton, Hindin, Greene.
Telecom rose 13c to 295 after shareholders rejected two board candidates put up by US hedge fund Elliott International. The stock rose from around 288 to the closing level just ahead of the close, bolstering the market index.
Fletcher Building rose 4c to 720.
Tourism Holdings rose 5c to 125 and Auckland Airport rose 3c to 207.
Contact eased 6c to 788 and The Warehouse eased 1c to 318. Port of Tauranga rose 18c to 690. GPG rose 1c to 130. Fisher & Paykel Healthcare rose 4c to 305 and the appliances stock rose 4c to 170.
US stocks fell on Wednesday as tight credit markets and bleak economic data kept investors on edge before the Senate vote.
Investors unloaded shares of technology, industrial and energy shares, including economic bellwethers General Electric, down nearly 4 percent, and heavy-equipment maker Caterpillar, off 4.5 percent.
The Dow Jones industrial average ended down 19.59 points, or 0.18 percent, at 10,831.07. The Standard & Poor's 500 Index fell 5.30 points, or 0.45 percent, to 1161.06. The Nasdaq Composite Index lost 22.48 points, or 1.07 percent, to 2069.40.
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