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Tech slump holds back US stocks; S&P 500 edges up

6:09 AM, Jul 22, 2013   |    comments
A sign for Wall Street is seen just outside the New York Stock Exchange.(Photo: Timothy A. Clary, AFP/Getty Images)
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NEW YORK, Ny. -- Investors are hoping the recent surge in the stock market continues today.

There was a setback on Friday as technology stocks slumped.

Despite the market's broad advance, a growing list of poor tech results is raising concerns about the strength of the economy and the stock market.

Microsoft led the decline on Friday. Google also fell.

Intel and eBay reported weak results last week as well, and chipmaker Advanced Micro reported a second-quarter loss.

Even as tech stocks fell Friday, the S&P 500 index managed to eke out a gain of 2 ½ points, or 0.2 percent, reaching an all-time high of 1,692.

The Dow closed down five points, or 0.03 percent, to 15,543.

The technology-heavy Nasdaq composite fell 23 1/2 points, or 0.7 percent. The index was the only major market benchmark to end the week lower, falling 0.4 percent.

Associated Press

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