Some western economies, and in particular their banking sectors, may be taking a battering and bleating recession, but this isn't the case for the IT sector which, for the first time since 2002 has overtaken the financial industry as the largest sector in Standard & Poor's 500 index.

According to the Sydney Morning Herald, IT now represents 16,26% of the S&P 500 compared to the 16,19% for financials.
The gap between the two sectors apparently widened even more yesterday, but the IT sector still has a long way to go if it is ever to reach the soaring heights it experienced during the DotCom boom. At the peak of this in 2000, the IT sector made up 34,51% of the sector.
The SMH quotes analyst Howard Silverblatt as saying that IT hasn't been boosted by strong growth, it is more a case of it being less hard hit by the credit crunch and economic weakness plaguing the financial sector.
"Information Technology stocks didn't go up, the leaders went down," Silverblatt says.