IoT
Business & Finance
News
9/26/2003
06:09 PM
50%
50%

TECH STOCKS: Major Weeklong Slide

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."

Comment  | 
Print  | 
More Insights
Comments
Newest First  |  Oldest First  |  Threaded View
Register for InformationWeek Newsletters
White Papers
Current Issue
Top IT Trends to Watch in Financial Services
IT pros at banks, investment houses, insurance companies, and other financial services organizations are focused on a range of issues, from peer-to-peer lending to cybersecurity to performance, agility, and compliance. It all matters.
Video
Slideshows
Twitter Feed
InformationWeek Radio
Archived InformationWeek Radio
Join us for a roundup of the top stories on InformationWeek.com for the week of July 17, 2016. We'll be talking with the InformationWeek.com editors and correspondents who brought you the top stories of the week to get the "story behind the story."
Sponsored Live Streaming Video
Everything You've Been Told About Mobility Is Wrong
Attend this video symposium with Sean Wisdom, Global Director of Mobility Solutions, and learn about how you can harness powerful new products to mobilize your business potential.