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Wall Street Beat: Tech shares waver as financial results paint mixed picture

Marc Ferranti | Oct. 8, 2012
Even though an upbeat U.S. government jobs report caused shares of some companies to jump Friday, tech vendor stocks faltered on the back of mixed quarterly reports.

The Samsung news was not enough to buoy shares of tech companies on the markets, however. While the Dow Jones Industrial Index closed up by 34.79 at 13,610.15 Friday, the Nasdaq Computer Index slipped by 14.53 to 1,664.80. Nasdaq Computer stocks are still up in aggregate by 21 percent for the year, but tech shares have slumped a bit recently in the face of continuing economic uncertainty.

The strong U.S. labor report Friday did not help boost the tech sector. The U.S. Labor Department said that the unemployment rate in the U.S. fell to 7.8 percent in September from 8.1 percent the prior month -- its lowest level in more than three-and-a-half years.

 

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