Wall Street Dips on Financials, Tech as Stocks Head Lower

Michael Teague  |

Shares in tech and financial companies dragged benchmark US indices lower by Thursday's close despite the Commerce Department's revision of fourth quarter 2013 GDP data showing the US economy grew at a 2.6 percent annual rate, a bit more than the previous 2.4 percent estimate and just shy of the 2.7 percent rate that economists had been expecting. Investors were relatively calm in making their exit from the positions that have benefitted most from the current bull-market despite the fact that both houses of Congress passed a fresh round of sanctions against Russian officials as a result of that country's annexation of Crimea earlier this week. Stocks were down for the fourth session in five by the bell.

 

Standard & Poor’s 500: -0.19 percent to 1,849.04

Dow Jones Industrial Average: -0.03 percent to 16,264.23

NASDAQ: -0.54 percent to 4,151.23

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Stocks

Brazil’s national oil and gas giant Petrobras ($PBR) continued to make impressive gains in Thursday’s session after releasing financial results for 2013.

Medical 3-D printing maker Organovo (ONVO) saw shares taking a dive in Thursday’s session, despite the relative lack of an overt catalyst.

Small-cap pharma company Idera Pharmaceuticals (IDRA) maintained its losing streak after analysts were not impressed with the company’s centerpiece drug treatment.

Mobile game-maker King Entertainment (KING) headed nearly 3 percent lower after the previous sessions IPO was more or less flat, which means that Senior Editor Jacob Harper had his work cut out for him in keeping track of the puns.

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Companies

Symbol Name Price Change % Volume
ONVO Organovo Holdings Inc. 1.28 -0.04 -3.03 1,036,193 Trade
PBR Petroleo Brasileiro S.A.- Petrobras 11.34 0.57 5.29 37,383,348 Trade
MLCG ML Capital Group Inc n/a n/a n/a n/a

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