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6/17/2003
06:02 PM
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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."

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