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Dow, S&P Down -- But There's Good News

Friday, 29 Aug 2008 | 5:14 PM ET

The Dow and S&P were down slightly this week, but there was a lot of good news:

-- oil doesn't rally despite Gustav, Russia

-- economic news more positive

-- financials stabilize

-- dollar maintains strength

The bad news is what could be called the tech problem.

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New!

- Track The Dow 30 Now

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Remember, in mid-July, traders sold energy & materials, bought tech.

But now Dell says they see "conservatism" in tech spending. Techs were already a tough call on dollar strength, and slower global growth.

Bulls insist this is a Dell specific problem, that there’s no problem with Hewlett-Packard , and that economic data has been strengthening.

MAJOR INDICES THIS MONTH

-- Dow up 1.5 percent

-- S&P 500 up 1.4 percent

-- Nasdaq up 1.9 percent

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CNBC's Guest Blogger:

- Farrell: Is the Bear Bottom Behind Us?

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Questions? Comments? tradertalk@cnbc.com

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  • A CNBC reporter since 1990, Bob Pisani covers Wall Street from the floor of the New York Stock Exchange.

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