Techs pressure broader market
Major gauges extend losses as Dell warning, fresh rise in oil, worries about growth worry investors.
NEW YORK (CNNMoney.com) -- Dell's profit warning dragged tech stocks lower Friday and as the morning wore on the rest of the market followed.
The tech-heavy Nasdaq composite (down 19.31 to 2,020.11, Charts) sank about 1 percent.
The Dow Jones Industrial average (down 41.23 to 10,886.87, Charts) and the broader Standard & Poor's 500 (down 5.80 to 1,243.33, Charts) index each sank as much as 0.7 percent, though they were off their lows about an hour into the session.
The personal computer maker tumbled 13 percent after warning that quarterly results will miss forecasts due to its aggressive price-cutting campaign.
On the upside, Microsoft (up $0.93 to $23.78, Charts) rallied nearly 5 percent after the company posted results Thursday that topped expectations, issued a bullish 2007 forecast and announced a $40 billion share buyback plan.
U.S. light crude oil for September delivery jumped 57 cents to $74.84 a barrel in electronic trading.
Treasury prices rose, lowering the yield on the benchmark 10-year note to 5.01 percent from around 5.03 percent late Thursday. Treasury prices and yields move in opposite directions.
The dollar slumped against the yen and the euro.
COMEX gold for August delivery added $1 to $633.50 an ounce.