Stock Market Update

[BRIEFING.COM] The S&P 500 hit 6,630 before fighting back from a steady stream of selling interest (or, perhaps, more like a steady lack of buying interest) to pare its losses. Nonetheless, it continues to trade below its 50-day moving average (6,669.00).

There wasn't a news catalyst for the recent bounce, although it stood to reason with the S&P 500 information technology sector (-1.9%) down earlier more than 6.0% for the week that there was some sense that it was due for a bounce.

That sector accounts for 35% of the S&P 500's market capitalization, so it matters a lot what it does. In a certain respect, where it goes, the market will follow.