Tuesday, July 26, 2011

Tech Stocks Slump, Causing Dow Jones Industrial Average Decline

Tech stocks slumped on Monday, leading to a fall of 0.24 percent for the Dow Jones Industrial Average.

The tech sector also took a hit from slumping shares of Silicon Labs Inc. (SLAB) whose weaker-than-expected outlook reignited worries of a broad economic slowdown.

Silicon Labs shares were down 11.5%. The company makes chips for different markets including TVs and telecommunications infrastructure equipment, Reuters reports.

Another chip maker, Broadcom Corp. (BRCM), saw its stock fall more than 1 percent.

The Standard & Poor's 500 Index was pulled down from a two-week high by 2.24 points, or 0.17 percent, at 1,342.78.

The Nasdaq Composite Index was down 0.44 points, or 0.02 percent, at 2,858.39. Treasuries were also down, reports Bloomberg.

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