By Benjamin Pimentel
The tech sector slid into the red Friday, weighed down by losses
in shares of semiconductor companies.
The Nasdaq Composite Index (RIXF) fell 1.2% to 1,985.5, as the
benchmark again slipped below the 2,000 mark and ended the week
down 0.7%.
The sector retreat was led by chip giants, including Texas
Instruments Inc. (TXN), Intel Corp. (INTC) and Nvidia Corp.
(NVDA)
The tech sector also was caught in a broader market sell-off,
with investors reacting to a report about a decline in consumer
sentiment. The Dow Jones Industrial Average (DJI) was down 77
points.
The Philadelphia Semiconductor Index (SOX) fell 2.55%, while the
Morgan Stanley High Tech 35 Index (MSH) was off 1.2%.
The tech sector found some solace in Autodesk Inc. (ADSK),
shares of which jumped 4.9%. Late Thursday, the software maker
reported better-than-expected earnings for the second quarter.
Gains also came from Research In Motion Ltd. , Palm Inc. (PALM)
and Rambus Inc. (RMBS)