In life after the bubble, tech takes a backseat

“Five years ago Thursday, a pin pricked the Internet bubble.

And in that five-year span, the tech-heavy Nasdaq has fallen by more than half, corporate America has pulled back its IT spending, a large swath of jobs have been cut across a number of industry sectors, consumer confidence has waned, and the tech sector, which garnered the biggest benefit during the go-go years, has suffered a black eye.

“It took 86 years for the Red Sox to win the World Series. It may take a little less for the Nasdaq to hit 5,000 again,” said Richard Peterson, chief market strategist at Thomson Financial.”