Winners & Losers: Techs Tumble
A volatile day in the markets saw Federal Reserve Chairman Ben Bernanke testify on Capitol Hill and Google decline.
Technology stocks in the past week have gone almost unscathed while financial stocks continue their freefall. But, the bull run ended Thursday with tech heavyweights Google and Apple on the down side.
Some analysts say the technology sector has artificially buoyed the market.
"It's been a very narrow market, but there are strong stocks holding up the market averages," said Frank Gretz, market analyst at Shields & Co. Those strong stocks needed help today.
For the session, Google lost 5.33 percent closing at $693.84 a share, Apple ended down 5.82 percent. And, Research in Motion settled at $124.48, a 6.43% loss.
On the up side was commodity stock Rio Tinto. Its stock soared 23.13 percent to close at $440.20 a share after Rio rebuffed a takeover bid by BHP Billiton.
Other commodity stocks on the rise included Anglo American up 13.8 percent, and Ternium S.A. closing at $38.72 a share.
Some analysts account for the up tick in commodities to a weakening dollar.
"The commodity stocks have all performed well and it's in part to the weak dollar," said Gretz.
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