Market Movers: Tech Stocks Wilt in the Heat
Heat and humidity weren't the only things that caused investors on Wall Street to break a sweat today.
Heat and humidity weren't the only things that caused investors on Wall Street to break a sweat today.
The Nasdaq would make a top of the line yo-yo.
In a scenario that's becoming nauseatingly familiar, the Nasdaq plunged as much as 8 percent today before recouping some losses in the last hour of trading.
Divergence was the name of the market game today, as the Dow climbed confidently on strong earnings news and the Nasdaq slid downward under pressure from a technology stock sell-off. The Nasdaq gained 62.48, or 1.7 percent, to 3,643.93. The Dow gained 169.09, or 1.6 percent, to 10,844.05. The split brought a largely calm end to a shortened trading week; markets will be closed tomorrow in observance of Good Friday.
Last week's stock market losses felt further and further away today as the Nasdaq soared another 7 percent, starting strong in the morning and never looking back. Today's rise follows a 7 percent gain yesterday, undoing Friday's nerve-racking drop. The Dow joined in the upswing, gaining almost 2 percent, or 184.91, to close at 10767.42.
The only blood on the streets yesterday morning was from weekend rioting in Washington. The stock market was solidly up, with the Nasdaq and the Dow each gaining as much as 150 points by midmorning.
"Insane" and "crazy" were the two words most commonly used to describe the market by a group of bankers chain-smoking outside the New York Stock Exchange yesterday morning. None of them gave their name. "You know what we were doing Friday afternoon?" asked one, referring to the day of the big drop.
The only blood on the streets this morning was from weekend rioting in Washington. The stock market was solidly up, with the Nasdaq and the Dow each gaining as much as 150 points by midmorning. The indexes settled down slightly by noon, but the Nasdaq was still up 57.98 to 3379.27, and the Dow was up 44.68 to 10350.45.
Don't feel too sorry for the stock market just yet.
The stock market took a severe loss today, as the Nasdaq and the Dow each suffered their largest point drops ever. The Nasdaq fell 355.72, a whopping 9.67 percent, to 3321.06. The Dow dropped 616.23 points, or 5.64 percent, to 10307.32.
Looks like 3500 isn't the bottom either.
A wholesale dumping of technology stocks continued this morning, extending the Nasdaq's steep losses into a third day. The index fell another 3 percent, or 129.81 points, to 3926.09 by midday. The drop followed more Microsoft Corp. (MSFT) losses. The company fell 5 percent this morning after cautious analyst commentary on its growth. Another big loser was Compuware (CPWR) , which dropped 37 percent amid disappointment over its earnings, losing $7.50, to $12.56.
Charities and nonprofits, take note. Venture capitalists increasingly are turning their acumen and managerial instincts -- and, more importantly, their vast wealth -- to organizations committed to doing good deeds.
The market resumed a confident posture today, with the Nasdaq climbing 98.34, or 2.36 percent, to 4267.58, and the Dow up 80.35, to 11114.27. The two indices saw point swings throughout the day as the Nasdaq gained up to 130 points by midday, but both remained solidly in the black.
Is the end near? Depends on how you define it. An end to an ever-rising market? Quite possibly. The end of investor uncertainty?