US tech stocks hammer Nasdaq

NEW YORK: Stocks ended mostly lower on Thursday as investors dumped nearly all big-name technology shares amid renewed worries about sliding corporate earnings through the rest of the year. According to early and unofficial numbers, the Dow Jones Industrial average posted a nominal gain of 2.93 points at 10,908.76, while all other broader indices declined.

The Nasdaq composite index fell 93.23 92 points, or 2.4 per cent, to 3,760.27, while the Standard & Poor's 500 fell 12.59 points, or 0.85 per cent, to finish at 1,460.28. "Even though overall earnings have been very good and we've gotten most of the reports for the second quarter now, people are worried that it's going to be less positive in the third and fourth quarters," said Alfred Kugel, senior investment strategist at Stein, Roe & Farnham.

"There is just a concern that earnings going forward into the third and fourth quarter will not be as strong as they have been," said George Rodriguez, senior vice president, Guzman & Co., Jersey City, N.J. The market will be closely watching Friday's July producer price index, a measure of inflation at the wholesale level.

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