Tumbling Techs Take Down Dow

The Dow backed away from four-month highs and ended its five-day win streak on Wednesday as traders took risk off the table amid an Adobe-fueled selloff in the tech world and faltering financial stocks. Yesterday's Markets The Dow Jones Industrial Average fell 21.72 points, or 0.20%, to 10739.31, the Standard & Poor's 500 sank 5.50 points, or 0.48%, to 1134.28 and the Nasdaq Composite lost 14.80 points, or 0.63%, to 2334.55. The FOX 50 dropped 2.31 points, or 0.28%, to 820.11. While Wall Street was stuck in the red nearly the entire day and closed solidly lower, the losses were minimal considering the Dow is still on track for its strongest September since 1939. “This is nothing more than a pause from the overbought level we got to,” said Michael James, senior equity trader at Wedbush Morgan Securities. “We've had a pretty good run the first three weeks of September. To pull back (a few) S&P points isn't all that extreme.” Tech stocks led the way down as software maker Adobe ADBE lost one-fifth of its market value after issuing a gloomy outlook and financial stocks took a hit in the wake of an earnings miss from Jefferies JEF and negative analyst notes on major banks. Read the rest here