TECH STOCKS: Weak Ending To A Strong Week

Good news on employment couldn't keep the markets from ending the week on a down note.
Stocks fell Friday despite a glowing jobs report as investors calculated that the good news had already been priced into the market. But the InformationWeek 100 and the major Wall Street indexes still finished the week with gains.

The Labor Department reported Friday that the U.S. economy added 126,000 nonfarm jobs to its payrolls in October, the third straight month of advancement and far ahead of economists' forecast of 55,000 new jobs. The jobless rate fell to 6.0%, down from 6.1% in September. The numbers suggest the labor market may be recovering from a period of job loss. But investors said stock prices, which have been on the rise since March, might already reflect enthusiasm about the labor market.

The InformationWeek 100 fell 0.6 points, or 0.2%, on Friday to 315.37, a 4.1% gain for the week. The technology-heavy Nasdaq fell 5.63 points, or 0.3%, to 1,970.74. Earlier in the session it hit a high of 1,992.27, a level not seen since Jan. 15, 2002. For the week, the Nasdaq rose 2%. The Nasdaq-100 tracking stock fell 31 cents to $35.63 as 63.5 million shared changed hands. For the week, the stock gained 1.3%.

The blue-chip Dow Jones industrial average fell 47.18 points, or 0.5%, to 9,809.79. The broad Standard & Poor's 500 index fell 4.84 points, or 0.5%, to 1,053.21. Earlier, both market gauges hit their highest levels since June 3, 2002. For the week, the Dow rose 0.1%, while the S&P 500 rose 0.2%.

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