Markets Right Now: Stocks sink as tech slump continues
NEW YORK (AP) - The latest on developments in financial markets (all times local):
4:00 p.m.
Technology companies are finishing another day of sharp losses Thursday, although the broader market didn't fare as badly.
Apple fell 1.7 percent Thursday. Chipmakers sank after a KLA-Tencor executive said business in the fourth quarter looks weaker than the company expected. KLA lost 10.4 percent.
Facebook lost 2.7 percent and Twitter fell 5.9 percent after similar drops the day before.
Industrial companies and big dividend payers canceled out some of those losses. Defense contractor Lockheed Martin rose 2.4 percent and General Mills added 3.2 percent.
The S&P 500 index fell 10 points or 0.4 percent, to 2,878. The Dow Jones Industrial Average gained 20 points to 25,995.
The Nasdaq composite lost 72 points, or 0.9 percent, to 7,922.
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11:50 a.m.
Technology companies are on pace for their second day of sharp losses and U.S. stocks are down for the third day in a row.
Apple fell 1.9 percent Thursday and Facebook retreated 2.8 percent.
Over the last two days investors have sold high-flying technology stocks as investors took a cautious turn.
Energy companies and banks also fell while industrials traded higher.
The S&P 500 index fell 12, points or 0.4 percent, to 2,876. The Dow Jones Industrial Average slipped 11 points to 25,963.
The Nasdaq composite lost 68 points, or 0.9 percent, to 7,926.
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9:35 a.m.
U.S. stocks are little changed at the start of trading as retailers and industrial companies rise and energy and technology companies slip.
Tech companies fell Thursday morning after losses the previous day. Facebook fell 1.3 percent and Micron Technology lost 4.2 percent.
United Technologies rose 1.4 percent and Netflix rebounded 2.8 percent after a big drop a day ago.
The market is coming off two days of losses.
Private U.S. businesses added 163,000 jobs in August, according to a survey by payroll processor ADP.
The S&P 500 index held steady at 2,888. The Dow Jones Industrial Average rose 33 points, or 0.1 percent, to 26,008.
The Nasdaq composite lost 7 points, or 0.1 percent, to 7,987.