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August 29, 2008 1:43:43 CDT

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Market Sinks After Tech Rally Shuts Down

Posted Aug 13, 07 4:58 CDT in Business 

(Newser) – The tech sector boomed early today, but couldn’t save the market from bank and energy woes at day’s end. Declines in MBIA, Exxon and Home Depot shares helped to erase early gains on the Nasdaq and S&P, and the bankruptcy of Aegis Mortgage Corp. renewed financing worries, Bloomberg reports.

The Dow and the Nasdaq each fell slightly, 3.01 and 2.65 points respectively; the S&P ended up off less than a point. Several European markets, on the other hand, saw their biggest gain in a year after new cash flowed in from central banks. But investors remain wary. "There’s not a lot that gets me excited about putting money in the market right now," one manager said.

Source Bloomberg

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stock market  • subprime mortgages  • Nasdaq  • Dow Jones  • stocks  • Home Depot  • Exxon  • MBIA


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