January Ends on Low Note Dragged Down by Techs
Apple may have been anticipating that their new iPad tablet computer would boost its image and sales, which it did to some extent, but it wasn’t enough to prevent the company ending the week down 2.9 percent. Microsoft experienced a 3.4 percent drop despite earlier reports of increased profit.
The < strong>DJIA fell 0.5 percent, or 53.13 points, closing at 10,067.33, with gains in Home Depot, Wal-Mart and DuPont offsetting technical sector losses to a degree. The S&P 500 closed at 1073.87, being 3.7 percent down for the month. The tech-oriented NASDAQ composite index fared the worst of the three major indices, falling 1.5 percent, or 31.65 points, on Friday and ending the week down 2.6 percent at 2147.35.
Since peaking on Jan 19 after rising more than 60 percent following March 2009 lows, stocks have been heading down, emphasizing recent concerns that the economy is in the process of a ‘double dip’. Stock market investors are wondering whether markets will settle down to a more gentle ebb and flow, or whether they are in the midst of a downward trend that would result in more losses. With the tumultuous manner in which markets have been performing for some time now, it is becoming increasingly difficult to predict what to expect, even for the most seasoned broker/investor.