CLOSING MARKET REPORT
Wall St tumbles as Dell warns on tech spending

NEW YORK - US stocks tumbled on Friday, led lower by tech shares after computer maker Dell warned that companies worldwide are cutting back on technology spending.

Nevertheless, the market managed to end August in positive territory as oil continued a sharp slide started in July.

On Friday, all three major indexes fell more than 1 per cent, with the Nasdaq chalking up the biggest losses after Dell's comments sparked fears about weakness in the whole tech sector. Shares of Dell, the world's second-largest computer maker, fell nearly 14 per cent, and other tech shares such as International Business Machines Corp, also declined.

All 30 stocks in the Dow industrials finished in the red on Friday.

Economic data added to the market's jitters ahead of the long Labour Day weekend. A government report showed US personal income fell unexpectedly in July while spending slowed as the effects of a government stimulus package wore off. An inflation measure hit a 17-year high.

The Dow Jones industrial average was down 171.63 points, or 1.47 per cent, at 11,543.55. The Standard & Poor's 500 Index was down 17.86 points, or 1.37 per cent, at 1,282.82. The Nasdaq Composite Index was down 44.12 points, or 1.83 per cent, at 2,367.52.

For the month, though, the Dow added 1.5 per cent, while the S&P rose 1.3 per cent and the Nasdaq gained 1.8 per cent.

Source: Singapore Business Times - 30 Aug 2008