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The Market Follows the Leader
When one influential Wall Street strategist opened the door Tuesday, it was the market's cue to exit.
Investors who weren't already scared off by
Abby Joseph Cohen's
reduction in her portfolio's tech stock weighting packed up when on Wednesday
group emerging markets fund manager, warned that global Internet stocks looked as if they were peaking. The bad news from prominent analysts sent the market into correction mode, with technology stocks leading the selloff.
Nasdaq Composite Index
faced its third-biggest point decline Wednesday, falling 189.22, or 4%, to 4644.67. Thursday the Nasdaq closed down 186.52, or 4%, at 4458.15, but a spike in late-day buying eroded the momentum of the session's losses.
More bad news rained down on the soggy market Tuesday, when various media sources reported the possible shutdown of
, the $22 billion hedge fund whose assets have recently fallen to around $6 billion.
reported that Tiger, a noted value shop, will shut down its entire operation.
At week's end, the mild recovery Thursday was followed by a snapback Friday morning, then a fall midsession, then a rebound at the end of trading. Can you keep up with us here? Instead of taking a French leave, investors rushed back in, like partygoers rediscovering the open bar and free lox. The Nasdaq finished Friday up 115 points, or 2%, at 4572.89.
Staff reporter Angela Privin and Kayte VanScoy, special to TheStreet.com, contributed to this article.