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Overvaluation fears trumped a government report Friday that showed good second-quarter economic growth. As a result, all of our stock indexes ended lower and were substantially down for the week.
Our InformationWeek 100 took the biggest hit, falling 4.57 points, to 270.89, a drop of 1.7% for the day and 7.5% for the week. Not far behind was the Nasdaq Composite, which fell 25.17 points, to 1,792.07, a drop of 1.4% for the day and 6% for the week.
The blue chips fared slightly better. The Dow Jones fell 30.88 points, to 9,313.08, or 0.33% for the day, a drop of 3.6% for the week. The S&P 500 fell 6.41 points, to 996.85, a 0.64% drop for the day and a 3.8% drop for the week.
Meanwhile, the Nasdaq-100 Index tracking stock fell 23 cents Friday, or $32.56, a 0.7% decline for the day and a 5.8% decline for the week, with a huge 105.3 million shares traded.
Some market watchers see little reason to worry about the significant slide. Alfred Goldman, chief market strategist at A.G. Edwards & Sons Inc., told The Associated Press, "We're really just getting a moderate correction despite the magnitude of the previous rally."