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Nasdaq drops 2.5%

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PostPosted: Thu Feb 05, 2004 11:50 am    Post subject: Nasdaq drops 2.5% Reply with quote

Uncertainty among investors pushed stocks lower in volatile trading, with networker Cisco Systems' tentative spending outlook hitting technology shares hard.

Wall Street continued the week's sideways trading, with blue-chip shares showing greater strength than more speculative tech and small-cap stocks as cautious investors move to defensive positions.

As the earnings season winds down, some analysts say the market may be headed for a pause, but despite Wednesday's tech selling, investors don't seem ready to pull out in large numbers yet.

'Today, there's a lot of indecision. This market is as wimpy as I've seen in a long time,' said Brian Belski, market strategist at Piper Jaffray. 'But there's a lot of pent up of buying demand, lots of inflow into the market, so I tend to think it's too early to jump on the correction bandwagon.'

The Dow Jones Industrial Average finished down 34.44 points, or 0.3%, at 10,470.74. The broader gauges were also lower. The Nasdaq tumbled 52.07, or 2.5%, to 2014.14. The Standard & Poor's 500 index lost 9.51, or 0.8%, to 1126.52.

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