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  • News Desk
  • Jan 23rd, 2010
  • Comments Off on Friday’s early afternoon trade: technology lead slide as S&P 500 turns red for the year
US stocks fell for a third-straight day on Friday, dragged lower by technology shares after Google Inc's revenue and chipmaker Advanced Micro Devices Inc's sales outlook disappointed investors. Continued worries about earnings growth after the White House proposed to curb risk-taking by US banks also weighed on financial stocks and the overall market.

J.P. Morgan Chase & Co fell 1 percent to $40.13 and the S&P financial sector lost 0.9 percent. Internet company Google's earnings beat Wall Street's forecast on Thursday, but revenue missed some estimates and its shares fell 2.6 percent to $567.67.

The Dow Jones industrial average lost 46.17 points, or 0.44 percent, to 10,343.71. The Standard & Poor's 500 Index fell 5.99 points, or 0.54 percent, to 1,110.49. The Nasdaq Composite Index dropped 15.86 points, or 0.70 percent, to 2,249.84.

The S&P 500 fell into the red for the year, joining the Dow and Nasdaq, which ended Thursday in negative territory for 2010. For the year to date, the Dow is off 0.6 percent, the S&P is down 0.2 percent and the Nasdaq has lost 0.7 percent. On the upside, General Electric Co shares advanced 3 percent to $16.50, while McDonald's Corp rose 1.6 percent to $64.19.

Copyright Reuters, 2010


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