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Earnings worries also hurt technology stocks.
But it should hurt technology stocks more than others, because so many of them are valued at extremely high levels relative to their current earnings.
[C2.] Profit Warnings Hurt Technology The Standard & Poor's 500-stock indedgedged up 2.40 points, to 878.85, as stocks had modest gains.
Yesterday, broad-based selling hurt technology stocks while blue chips resisted the markets downturn, bolstered by stronger commodity prices.
The bad news about layoffs, plant closings, writeoffs and bankruptcies has also hurt technology companies whose long-term survival is not in doubt.
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The slowing global economy has hurt other technology suppliers.
The news hurt other technology companies, including I.B.M., which dropped $2.59, to $78.95.
The holiday purchases of the new iPhone helped the company steer clear of the consumer spending slump that has hurt rival technology companies.
In Washington, Democratic lawmakers earlier this year pushed through a $2,000 increase in fees for employment visas, writing the law in such a way that it primarily hurt Indian technology companies.
"This law has ruined many people's lives, hurt the technology industry, and discouraged the creation of small, independent businesses critical to a thriving domestic economy," Mr. Shulman said in an interview Thursday.
Besides failed bets on the direction of prices for currencies like the euro, both were hurt by technology stocks and their transforming effects on the markets, though in different ways.
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