The major averages finished mixed for the holiday shortened week, as investors dumped tech shares with a vengeance, while many old economy names actually did quite well.
The Nasdaq had a very rough week, as several warnings from high profile companies caused many investors to lose confidence in the group.
Keep in mind, most tech stocks were already trading at astronomical valuations, yet these companies continue to lower numbers.
It didn't help either that various accounting rumors surfaced on tech related companies. By and large, this past week was a very disappointing one for the Nasdaq
Blue chip shares were actually able to finish higher thanks to a great deal of interest in cyclical old economy names (e.g. MMM and AA).
It was quite apparent that money taken from the techs was being put to work in many of the blue chip companies that are thought of as "safe".
While the same can't be said about the Nasdaq and S&P, the Dow continues to look decent, from a technical perspective.
All in all it was not a bad showing for the Dow, considering how negative things looked earlier in the week.