TECH STOCKS: Profit-Takers React To Modest Economic News
The markets were flat as a Nebraska night.
Stocks closed essentially flat Tuesday, following a robust Monday that saw market indexes hit new highs for the year. Worries about deflation were eased when the government reported that a bump in housing costs raised the core consumer price index. (A drop in energy costs helped to keep the broader consumer price index flat in May.)
The Nasdaq-100 Index tracking stock, which can help determine how tech shares are selling, edged slightly up, closing at $30.76, up 0.4%, or 12 cents for the day. Almost 67 million shares of the stock traded, somewhat lower than its daily average.
Our InformationWeek 100 index of tech stocks rose 1.32 points, or 0.5%, to 256.21 for the day. The Dow Jones rose a mere 0.04%, or 4.06 points, to 9,323.02. The S&P 500 closed the day up 0.1%, or nine-tenths of a point, to end at 1,011.66. The Nasdaq index rose 0.1%, or 1.86 points, to close at 1,668.44.
"The market has run a long way and was due for a pause," Dennis Ferro, chief investment officer of Evergreen Investments, told The Associated Press. "I think the market is at a point where all the hopes for the second half of the year in economic growth and earnings improvement now need to be validated."
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.