World News

Monday 28 July 2014

Tech sector sends stocks lower

Published 24/03/2014|20:47

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Technology and health care sectors pulled the US market lower

Weakness in the health care and technology sectors has dragged the US stock market lower.

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Health care stocks, which have risen more than other industries over the past year, fell sharply today.

Pfizer had the biggest loss in the Dow Jones industrial average, 2%. Biotech stocks continued a decline that began on Friday after lawmakers questioned the pricing of a Hepatitis C drug.

The Standard & Poor's 500 index fell nine points, or 0.5%t, to close at 1,857.

The Dow lost 26 points, or 0.2%, to 16,276.

The technology-heavy Nasdaq composite fell 50 points, or 1.2%, to 4,226.

Facebook, which has more than doubled over the past year, fell 5%.

Bond prices rose. The yield on the 10-year Treasury note fell to 2.73%.

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