Tech stock dive snaps market’s winning streak
Stocks fell on Thursday, snapping a three-day advance in the Standard & Poor’s 500 Index, as Google pulled down technology shares after reporting third-quarter profit and sales that missed estimates.
Technology shares had the biggest decline among 10 groups in the S&P 500, which fell 0.2 percent to 1,457.34. The index gained as much as 0.2 percent earlier as a rise in jobless claims was offset by better-than-estimated data on leading indicators and Philadelphia manufacturing.
The Dow Jones industrial average slid 8.06 points, or 0.1 percent, to 13,548.94. The Nasdaq-100 Index tumbled 1.1 percent to 2,744.17. About 6.9 billion shares traded hands on exchanges, 14 percent above the three-month average.
Technology shares dropped 1.5 percent as a group in the S&P 500. Apple, IBM, AOL, Facebook and Microsoft all declined. Philip Morris was another big loser, but Travelers rose strongly on reports of fewer claims paid.
Stocks slumped early in the trading day as Labor Department figures showed more Americans than forecast filed applications for unemployment benefits last week.