Dow Holds Steady While Nasdaq Stumbles: What Moved Markets This Week
AI spending fears rattled chip stocks all week long. Meanwhile, an insurance company quietly saved the Dow from a worse fate.
Overview
Friday morning started on a bearish note. The Nasdaq Composite (NASDAQINDEX: ^IXIC) was down 1.1% as of 12:21 p.m. ET after dipping as much as 2.2% around 10 a.m. ET, capping a week that chip stock investors would probably like to forget. The S&P 500 (SNPINDEX: ^GSPC) fell 0.7%, while the Dow Jones Industrial Average (DJINDICES: ^DJI) held its losses to just 0.3%, thanks largely to an insurance company having a very good quarter.
For the week, the Dow is nearly flat with a 0.4% drop. The S&P 500 is down 1.1%, and the Nasdaq has dropped 2.5%. If you owned an equal-weighted index fund, you barely noticed. If you owned the mega-cap tech darlings, it's been a painful week.
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Originally published at www.fool.com.