Women eat ice cream in front of an electronic stock price indicator in Tokyo Monday, April 7, 2014. Internet and technology stocks tumbled across Asia on Monday as a sell-off spread from Wall Street where investors knocked down such companies over worries about excessively high valuations. (AP Photo/Shizuo Kambayashi)
Financial companies lead stock market lower
The Associated Press
First Published Apr 07 2014 08:18 am • Last Updated Jun 19 2014 05:27 pm
The stock market is slipping lower at midday, led by financial companies and retailers.
Genworth Financial and Chipotle Mexican Grill were among the biggest decliners on the Standard & Poor’s 500 index. Genworth fell 5 percent.
The S&P 500 index lost 14 points, or 0.8 percent, to 1,850 at midday. The Dow Jones industrial average fell 124 points, or 0.8 percent, to 16,287.
The tech-heavy Nasdaq continued its weak streak. It fell the most among major U.S. indexes, and was down 42 points, or 1 percent, to 4,086 at midday. A slump in technology stocks pulled the index down 110 points, or 2.6 percent, to 4,127 on Friday, its biggest one-day drop since February.
The yield on the 10-year Treasury note fell to 2.68 percent, from 2.73 percent late Friday.
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