TECH STOCKS: Profit-Taking Sends Techs LowerTECH STOCKS: Profit-Taking Sends Techs Lower

Profit-taking among tech stocks continued Friday on Wall Street, but tech issues trumped the blue chips in terms of gains for the week.

The information 100 on Friday fell 1.97 points, or 0.8%, to 252.14, but was up 1.4% for the week. The Nasdaq fell 3.9 points, or 0.2%, to 1,644.73, but rose 1.1% for the week. The Nasdaq-100 Index closed at $30.38 a share, a drop of 0.1% from the previous day, yet it rose 1.6% for the week. Investors appeared to be intent on taking their profits after a rise that has seen the Nasdaq index gain 29% since mid-March.

Business software company PeopleSoft's board unanimously rejected a sweetened $6.3 billion hostile takeover bid by Oracle, saying the offer was inadequate and a merger would violate antitrust laws. The news didn't help either company: PeopleSoft shares fell 19 cents, or 1.1%, to $17.42, while Oracle fell 41 cents, or 3.1%, to $12.93.

The Dow Jones rose 21.22 points for the day, or 0.2%, to 9,200.75, a 0.9% gain for the week. The S&P 500 rose 0.99 points, or 0.1%, to 995.69, a gain of 0.7% for the week.