Stocks fall but end off session lows as investors continue to rotate out of tech and momentum sectors

MARKET SNAPSHOT



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Stocks finished with losses but off session lows in choppy trade on Wall Street on Friday, with some previously unloved sectors finding support as technology and other highflying segments felt the pressure of continued profit-taking.

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U.S. markets on Monday will be closed in observance of Labor Day, a factor that might have added to market volatility by sapping volume in the run-up to the long holiday weekend.

How did stock-market benchmarks perform?

The Dow Jones Industrial Average (DJIA) closed 159.42 points lower, down 0.6%, at 28133.31, after falling 628 points at its session low. The blue-chip gauge bounced in the final hour of trading, briefly pushing back into positive territory before falling back. The S&P 500 index (SPX) dropped 28.10 points, or 0.8%, to finish at 3,426.96, while the Nasdaq Composite Index (COMP) declined 144.97 points, or 1.3%, to end at 11,313.13. The

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The Northern Spy: highs and lows of technology

By Rick Sutcliffe

Apple and Tesla last week split their stock, the former by four-to-one and the latter by five-to-one. Since splits make the price of a single stock lower, such actions tend to attract more retail investors and this pushes the price up further. 

In the case of Apple, this is merely the latest in a long line of such splits, now amounting to a 224:1 total from the beginning. Looking back on the initial IPO in 1980, this is equivalent to about a $.40 initial cost per share. 

Since these new shares are now worth $132, the share price has appreciated by a factor of 330 times, meaning that an initial investment of $10K would now be worth $3.3M. Not bad for a company that pundits once nearly universally predicted was near its demise. 

True, it is no longer iSteve’s company but iTim’s, however the changes in direction

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