Market Sinks After Tech Rally Shuts Down

Tech boom erased by mortgage, energy concerns at bell
By Jonas Oransky,  Newser Staff
Posted Aug 13, 2007 4:58 PM CDT
Trader Joseph Masters watches the boards on the floor of the the New York Stock Exchange, Friday, Aug. 10, 2007. Wall Street closed out an extraordinarily difficult week with a mixed finish Friday after...   (Associated Press)
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(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.