TECH STOCKS: Winning Streak Comes To An EndTECH STOCKS: Winning Streak Comes To An End
Investors opted to take profits in advance of the upcoming batch of earnings reports, sending the markets lower after five days of gains.
The stock market's five-day winning streak came to an abrupt end Wednesday. Investors opted to take profits, perhaps seeing no more upside to stocks before this month's third-quarter earnings reports, causing all of our indexes to slump.
Yahoo's stock fell 14 cents, or 0.4%, during the day, but rose sharply in after-hours trading after the company reported a big gain in net profit for its recently completed third quarter. The Internet media company reported earnings of $65.3 million, or 10 cents per share, up from $28.9 million, or 5 cents per share, in the same period last year.
SAP said it expects to report better-than-expected third-quarter results, news that boosted its stock more than 14%. Archrival Oracle's stock rose more than 3.5%. But other big-ticket technology stocks, including Microsoft and Intel, finished lower.
The Nasdaq-100 tracking stock closed at $34.39, down 26 cents, or 0.8%. The stock's trading volume was moderately sluggish with just under 71 million shares changing hands.
Our information 100 fell 0.06 points, or 0.02%, to close at 296.99, while the Nasdaq index fell 14.07 points, or 0.7%, to finish at 1,893.78. The Dow fell 23.71 points, or 0.3%, to close at 9,630.90, while the S&P 500 fell 5.47 points, or 0.5%, to end the day at 1,033.78.
About the Author
You May Also Like