Jun 27, 2003 (01:06 PM EDT)
TECH STOCKS: Markets End Week On A Down Note
Read the Original Article at InformationWeek
Despite fairly positive reports on consumer confidence and personal income on Friday, the major indexes closed down for the week as part of a continuing correction that many market watchers had expected following weeks of stock-market growth.
The University of Michigan's monthly report on consumer confidence for June was stronger than many expected, and the Commerce Department reported a personal income increase of 0.3% for May. But poor earnings news prompted many investors to take a breather from a three-month rally, producing the first down week since mid-May but leaving Wall Street on track for a stellar second quarter.
However, the InformationWeek 100 ended the week on an up note, rising 4.08, or 1.7%, to 250.82. That reduced the index's loss for the week to 0.5%. The Nasdaq 100 tracking stock fell 39 cents, or 1.3%, on Friday to $29.83 as more than 82.3 million shares changed hands. The tech-laced Nasdaq Composite fell 8.73 points, or 0.5%, to 1,625.28.
The broader indexes also ended the week on the down side. The Dow Jones industrials fell 89.99, or 0.99%, to 8,989.05, while the Standard & Poor's 500 fell 9.60 points, or 0.97%, to 976.22. Part of the session's volatility was due to end-of-quarter portfolio tweaking by money managers hoping to make financial statements look better before the second quarter wraps up on Monday.
For the week, the Dow fell 2.3%, the Nasdaq lost 1.2%, and the S&P dropped 1.96%. But all three are on track to post solid gains for the second quarter.