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Market Update

The Week in Stocks and Funds

Tech tumbles, taking the market with it.

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Perhaps we're lucky there were only four trading days this week, because each session seemed to be worse than the one that preceded it. A series of earnings warnings from blue-chip technology companies, including Advanced Micro Devices  (AMD) and EMC  (EMC), took a huge toll on the market, erasing hopes of an imminent tech turnaround. For the week through Friday, the Nasdaq Composite index tumbled 7.3% to 2,004. The S&P 500 held up a bit better, declining 2.6% to 1,190. And the Dow Jones Industrial Average posted the best return of the three major indexes, falling 2.5% to 10,253.

Fund Category Returns
For the week through Thursday, the specialty-technology category posted the worst return, falling 2.38%. That understates the past week's carnage a bit because it doesn't include Friday's tech-stock bloodbath. But even without Friday's losses, things were bad enough for funds like Internet Ultrasector (INPIX), which dropped 7.9%, and  Jacob Internet  (JAMFX), which fell 5%.

Scott Cooley does not own shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.

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