TECH STOCKS: Ending With A Thud

Mixed economic news and profit-taking sent the markets lower, closing out a losing week.

Aaron Ricadela, Contributor

November 14, 2003

1 Min Read

Stocks fell Friday on mixed economic news and profit-taking, with technology stocks faring worse than the broader markets.

The InformationWeek 100 index fell 8.81 points or 2.8%, to close at 308.23. It lost 2.3% for the week. The Nasdaq-100 tracking stock fell 0.73 points, or 2.1%, to 35.04, as nearly 91 million shares changes hands, and lost 1.8% for the week. The Nasdaq composite fell 37.09 points, or 1.9%, to 1,930.26, and was down 2.1% for the week.

The Dow Jones industrials fell 69.26 points, or 0.7%, to close at 9,768.68, while the S&P 500 index fell 8.06 points, or 0.8%, to close at 1,050.35. For the week, the Dow fell 0.4% and the S&P 500 fell 0.3%. Since hitting lows for the year in March, the markets have surged, leading to investor concern that an economic recovery is already reflected in stock prices.

Shares of chipmakers and biotech companies declined as investors took profits. But shares of companies in the pharmaceuticals sector rose. Also Friday, the government reported that U.S. retail sales fell 0.3% in October on lower demand for cars, while consumer confidence increased more than expected in early November and wholesale prices posted their biggest gain in seven months in October.

Market watchers expect stocks to lack direction for the next few weeks with little economic and business news in the offing.

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