Overvaluation fears trumped a government report Friday that showed good second-quarter economic growth.
Overvaluation fears trumped a government report Friday that showed good second-quarter economic growth. As a result, all of our stock indexes ended lower and were substantially down for the week.
Our InformationWeek 100 took the biggest hit, falling 4.57 points, to 270.89, a drop of 1.7% for the day and 7.5% for the week. Not far behind was the Nasdaq Composite, which fell 25.17 points, to 1,792.07, a drop of 1.4% for the day and 6% for the week.
The blue chips fared slightly better. The Dow Jones fell 30.88 points, to 9,313.08, or 0.33% for the day, a drop of 3.6% for the week. The S&P 500 fell 6.41 points, to 996.85, a 0.64% drop for the day and a 3.8% drop for the week.
Meanwhile, the Nasdaq-100 Index tracking stock fell 23 cents Friday, or $32.56, a 0.7% decline for the day and a 5.8% decline for the week, with a huge 105.3 million shares traded.
Some market watchers see little reason to worry about the significant slide. Alfred Goldman, chief market strategist at A.G. Edwards & Sons Inc., told The Associated Press, "We're really just getting a moderate correction despite the magnitude of the previous rally."
5 Top Federal Initiatives For 2015As InformationWeek Government readers were busy firming up their fiscal year 2015 budgets, we asked them to rate more than 30 IT initiatives in terms of importance and current leadership focus. No surprise, among more than 30 options, security is No. 1. After that, things get less predictable.