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Bad Economic News Adds to Investor Woes
corporate reports suggested that the U.S. economy may not be as strong as had heretofore been thought. Stodgy paid off for stock investors, though. While the technology stock heavy NASDAQ dropped a whopping 5% for the week the boring Dow Jones Industrial Average declined about 1½%.
There were a number of reasons cited for the decline, including a poor January jobs report, weakness in the once-booming service sector, and concerns about future corporate profits, particularly in the energy, technology, and materials sectors.