Disappointing technology earnings and weak chain-store sales produced another losing week on Wall Street. It was the second in a row for the Dow Jones industrial average, the third in a row for the Nasdaq composite index and the fourth consecutive weekly loss for the Standard & Poor's 500-stock index.
The Dow was down 69 points, a little less than 1 percent, and the S&P lost 13, a little more than 1 percent, but the Nasdaq took a beating, falling 60 points, or 3 percent.
Retreating raggedly since the second quarter ended June 30, the Nasdaq has fallen 96 points in six days of trading. Its most conspicuous loser was Yahoo, by no coincidence Nasdaq's star performer in the second quarter. Quarterly profits doubled at Yahoo, but that wasn't good enough for investors who are paying more than 100 times earnings for the stock, which has fallen 17 percent since the end of the quarter.
The pace of profit reports picks up this week as investors get more hard data on what stocks should be worth. Two government reports on inflation -- the producer price and consumer price indexes -- also could move the market.
-- Jerry Knight