TECH STOCKS: The Streak Is OverTECH STOCKS: The Streak Is Over

Wall Street's run of winning weeks came to an end as the markets finished mixed.

information Staff, Contributor

January 23, 2004

1 Min Read
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Wall Street's streak of winning weeks came to an end Friday as the markets finished mixed while investors pocketed profits and braced for more earnings reports next week. The Nasdaq edged slightly higher, but a blue-chip sell-off snapped the Dow's eight-week winning streak.

The information 100 fell 0.59, or 0.2%, to 342.44, and was down 2.4% for the week. The Nasdaq rose 4.86 points, or 0.2%, to 2,123.87, but was down 0.8% for the week after six straight weeks of gains. The Dow fell 54.89 points, or 0.5%, at 10,568.29, for a weekly loss of 0.3%. The only weekly winner was the Standard & Poor's 500, which fell 2.39 points, or 0.2%, to 1,141.55 on Friday, but rose 0.1% for the week--its ninth weekly advance in a row.

The Nasdaq-100 tracking stock fell 14 cents to $38.01 as more than 88.7 million shares changed hands.

Despite the losses, most analysts remained upbeat about market for the long term. "In weeks like this you have to take a holistic view of the market and not get too shook up about one stock being down a couple percent on what should be perceived as a good earnings announcement," John C. Forelli, portfolio manager for Independence Investment, told The Associated Press.

Microsoft rose 47 cents to $28.48 after several brokerage firms issued positive comments about its quarterly results, released late Thursday. Microsoft's earnings beat expectations as stronger demand for PCs helped boost sales, and the company raised its forecast for the year.

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