Does punctuation matter in keywords?

[Acternaweb]

Does using a dash inbetween phrases have an impact on ranking in SE's?

For example is there a difference in:
"telcom test equipment" vs
"telecom-test-equipment"

Is there a difference between dash and underscores? I wouldn't use quotes in either case.

Thanks,

Paul

[miles]

I have found that if that search engines like the underscore rather than the dash also it can depend on what is being searched for by your customers. I have heard from other webmasters that if you use the under score the engines pick it up as several different word phrases rather than one garbbled mess.