TECH STOCKS: Little Traction - InformationWeek

InformationWeek is part of the Informa Tech Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them.Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.

IoT
IoT
Business & Finance
News
1/29/2004
06:09 PM
50%
50%

TECH STOCKS: Little Traction

Investors grappled with whether Wednesday's losses were a buying opportunity or a correction.

Blue chips may have recovered from a mini-slump that troughed Wednesday, but tech issues weren't as resilient. Investors grappled with whether Wednesday's losses were a buying opportunity or a correction--and apparently tech buyers leaned toward the latter.

Uncertainty surrounding the shifting stance of the Fed on short-term interest rates seems to have shortened investment horizons. Adding to the confusion were conflicting economic data, including a fall in first-time unemployment claims and the lowest monthly rise in wages and benefits in a year.

It's no wonder investors appear to be guessing. "The market is on a precarious perch right now," Bryan Piskorowski, market commentator at Wachovia Securities, told The Associated Press. "Fundamentals are definitely robust, but there's always the question of how robust they'll be down the road."

The Fed's decision to resist a pre-emptive rate increase and instead wait for signs of inflation first was a more popular decision among buyers of blue-chip issues, with the Dow rising 41.92 points, or 0.4%, to 10,510.29, and the S&P 500 rising 5.64 points, or 0.5%, to 1,134.11. The Nasdaq fell 9.14 points, or 0.4%, to 2,068.23. Our InformationWeek 100 index fell 3.85 points, or 1.15%, 331.49.

Among the notable losers in the tech sector Thursday were Veritas, which fell $4.23, or 11.6%, to $32.24; Amazon.com, which fell $2.74, or 5.27%, to $49.22; Sun Microsystems, which fell 24 cents, or 4.44%, to $5.23; and Cisco Systems, which fell 82 cents, or 3.06%, to $25.96. Despite the rough day for techs, the Nasdaq-100 trading stock managed to post a modest gain of 6 cents, or 0.2%, to close at $37.16, on very heavy volume of 137.8 million shares.

We welcome your comments on this topic on our social media channels, or [contact us directly] with questions about the site.
Comment  | 
Print  | 
More Insights
State of the Cloud
State of the Cloud
Cloud has drastically changed how IT organizations consume and deploy services in the digital age. This research report will delve into public, private and hybrid cloud adoption trends, with a special focus on infrastructure as a service and its role in the enterprise. Find out the challenges organizations are experiencing, and the technologies and strategies they are using to manage and mitigate those challenges today.
Slideshows
IT Careers: 12 Job Skills in Demand for 2020
Cynthia Harvey, Freelance Journalist, InformationWeek,  10/1/2019
Commentary
Enterprise Guide to Multi-Cloud Adoption
Cathleen Gagne, Managing Editor, InformationWeek,  9/27/2019
Commentary
5 Ways CIOs Can Better Compete to Recruit Top Tech Talent
Guest Commentary, Guest Commentary,  10/2/2019
Register for InformationWeek Newsletters
Video
Current Issue
Data Science and AI in the Fast Lane
This IT Trend Report will help you gain insight into how quickly and dramatically data science is influencing how enterprises are managed and where they will derive business success. Read the report today!
White Papers
Slideshows
Twitter Feed
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.
Sponsored Video
Flash Poll