TECH STOCKS: Underwhelming Jobs News Reverses Rally
Stocks fell Friday, following disappointing news from chipmaker Intel and the Labor Department.
Stocks fell Friday, following disappointing news from chipmaker Intel and the Labor Department. While U.S. businesses added 57,000 new jobs in November, that figure was far lower than the 150,000 expected.
Bill Cheney, chief economist at John Hancock Financial Services Inc., told the Associated Press that Friday's report was "like getting just the Christmas present you wanted, but two sizes too small."
Intel cast a shadow when it didn't raise its top-line quarterly sales forecast and said it would suffer a $600 million charge because of lackluster performance in its wireless business. The Nasdaq-100 tracking stock fell 59 cents, or 1.6%, to close at $35.04.
All the major indexes closed down Friday. Our InformationWeek 100 index fell 5.48 points, or 1.8%, to close at 302.82. The InformationWeek 100 fell 2.3% for the week. The Dow fell 68.14 points, or .7%, to close at 9,862.68. And the S&P 500 fell 8.22 points, or 0.8%, to close at 1,061.5. The Nasdaq fell 1.6%, or 30.98 points, to close for the day at 1,937.82.
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