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[C7.] Technology Setback Leads Stocks Lower Wall Street's hopes of prolonging its year-end rally were set back as traders sold stocks and the technology sector posted a decline.
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Every new technology has its setbacks as well as its successes.
GreenFuel Technologies suffered a setback last summer when the algae in the experimental closed system it was operating with Arizona Public Service reproduced much more quickly than the company had anticipated.
Bayer CropScience called the commission's plan "a setback for technology, innovation and sustainability," and warned of "crop yield losses, reduced food quality and loss of competitiveness for European agriculture".
A spate of technology heavyweights led the setback, including Microsoft msft, Intel intc, Dell Computer dell, Amazon.com amzn and Cisco Systems csco.
Stocks are expected to open flat amid nervous trading following last weeks dramatic setback for technology stocks.
Stocks fell only modestly yesterday, but the setback for technology stocks was more pronounced than for the rest of the market.
The survey underscores how the setback for technology stocks has rocked Wall Streets optimism, thinning the ranks of the bulls since the markets phenomenal rally in January.
Wall Street was licking its wounds Wednesday as the market staged a mild recovery in the wake of a broad setback for technology stocks the day before.
Although the Dow Jones Industrial Average escaped largely unscathed, a setback for technology issues would have a profound impact on the whole market.
Anthony Levandowski, the engineer at the center of the legal battle between Google and Uber over driverless-car technology, has suffered a setback.
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