Tech Stocks Plunge Again
Updated from 4:04 p.m. EST
The selling accelerated in the final minutes of the day. The Dow Jones Industrial Average sank 223.55 points, or 1.69%, to 13,042.74, and the S&P 500 dropped 21.07 points, or 1.43%, to 1453.70. The Nasdaq Composite plunged by 68.06 points, or 2.52%, to 2627.94.
"There were not a lot of people willing to go long into the weekend," said Larry Wachtel, senior market analyst with Wachovia Securities. "It looked like with financials firming up we'd have a better final hour, but the market simply faded. There wasn't any other trigger for the late-day decline. We've had a big correction, so now it's a bottoming process that will lead us into next week."The major averages notched a second losing week in a row. The Dow lost 4%, and the S&P 500 closed down 3.8%. The Nasdaq suffered the most, tumbling more than 6.5%. Breadth was weak and volume was heavy heading into the weekend. On the New York Stock Exchange 4.44 billion shares changed hands, as decliners toppled advancers by an 8-to-3 margin. Volume on the Nasdaq reached 2.95 billion shares, with losers beating winners 2 to 1.
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