Stocks Fall 3.7% in January: An Ominous Sign?
Among the tech news: Shares of Microsoft (MSFT) fell the most as the company announced that it has yet to see a recovery in enterprise software spending. Apple (AAPL) was down 3.6% as its shares continue to decline after the company introduced its iPad tablet computer. Others, such as San Disk (SNDK), also saw their shares plummet due to forecasts lower than analysts had expected.
Just what the news means for the markets and the economy isn't clear. But it could be viewed as an ominous sign: The January results of the S&P 500 is often viewed as a reliable forecast of how the market will do during the rest of the year.