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Wall Street Dips on Financials, Tech as Stocks Head Lower

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
Michael Teague is a staff writer for Equities.com. His previous experience includes three years as the associate editor of Los Angeles-based Al Jadid Magazine, a bi-annual review of the arts & culture of the Middle East, where he contributed many articles on the region in the form of features and book & film reviews. His educational background includes a BA in French literature from the University of California, Irvine, where he developed a startling proclivity for anything having to do with the 19th century.
Michael Teague is a staff writer for Equities.com. His previous experience includes three years as the associate editor of Los Angeles-based Al Jadid Magazine, a bi-annual review of the arts & culture of the Middle East, where he contributed many articles on the region in the form of features and book & film reviews. His educational background includes a BA in French literature from the University of California, Irvine, where he developed a startling proclivity for anything having to do with the 19th century.

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.

 

Results for Thursday, March 27

  • 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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