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2/23/2004
05:47 PM
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TECH STOCKS: Four In A Row

The markets fell for the fourth consecutive session as news of an IRS audit of Intel pulled key indexes lower.

Stocks fell Monday for the fourth session in a row, led by shares of Intel, which declined on news of an IRS audit.

The Dow Jones industrials fell 9.41 points, or 0.1%, to close at 10,609.62. The Nasdaq Composite Index fell 30.41 points, or 1.5%, to finish the day at 2,007.52. The Standard & Poor's 500 fell 3.12 points, or 0.3%, to 1,140.99. The InformationWeek 100 index fell 6.31 points, or 1.9%, to close at 323.28. The Nasdaq-100 tracking stock fell 41 cents, or 1.1%, to close at $36.45.

Shares of Dow component Intel fell $1 to $29, a 3.3% loss, after the company said the Internal Revenue Service has been examining its 2001 and 2002 tax returns since January. But telecom gear and chipmaker Qualcomm rose $3.03, or 5.1%, to $62.43 after the company raised its second-quarter outlook on stronger demand.

There were no major economic reports Monday, though Federal Reserve chairman Alan Greenspan said in a speech that household finances appear to be "in good shape." Looking ahead, consumer-confidence data is due Tuesday, and a preliminary fourth-quarter gross domestic product report is due Friday.

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