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US stocks fall as quarterly earnings results loom; Technology stocks slide
NEW YORK, N.Y. – U.S. stocks are closing lower for a second day in a row as investors position themselves for corporate earnings reports.
The Dow Jones industrial average fell 117 points, or 0.7 per cent, to close at 16,906 Tuesday. The Standard & Poor’s 500 index lost 13 points, or 0.7 per cent, to 1,963.
The Nasdaq fell 60 points, or 1.4 per cent, to 4,391.
Technology and small-company stocks fell more than the rest of the market. Utilities were the only sector to rise as investors sought out low-risk stocks that pay high dividends.
AbbVie fell 3 per cent after the company raised its offer to buy a rival drugmaker, Shire.
Major U.S. companies start to report their earnings this week.
Bond prices rose. The yield on the 10-year Treasury note fell to 2.56 per cent.
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