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 March 13, 2018 - 12:15 PM EDT
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Tech Stocks Turn Over, Indexes Turn Negative

Tech Stocks Turn Over, Indexes Turn Negative

Stocks fell on Tuesday, erasing earlier gains, as tech shares fell from their session highs.

The Dow Jones Industrial Average moved lower 17.69 points to 25,160.92, after rising more than 150 points earlier in the session. General Electric was the worst-performing stock in the index.

The S&P 500 sank 6.03 points to 2,776.99, tech falling 1.1% Earlier in the session, tech rose as much as 0.9%.

The NASDAQ composite Index faded 40.12 points from Monday's all-time high to 7,548.21

Qualcomm was the worst-performing stock in the S&P 50 tech sector, falling more than 4%. The stock fell after President Donald Trump shut down Broadcom's proposed buyout of Qualcomm, citing concerns based on national security. Both companies have been ordered to abandon this deal immediately.

Stock gains were briefly held in check by news that President Donald Trump ousted Secretary of State Rex Tillerson.

The Washington Post first reported that Tillerson was out before Trump confirmed it in a tweet. Trump also said CIA Director Mike Pompeo would take over as secretary of state.

The U.S. consumer price index rose 0.2% in February, in line with expectations. Inflation concerns permeated through the market last month as investors worried that higher inflation would lead the Federal Reserve to tighten monetary policy at a faster rate.

Prices for the benchmark 10-year Treasury note inched forward, lowering yields to 2.85% from Monday's 2.87%. Treasury prices and yields move in opposite directions.

Oil prices regained 60 cents a barrel to $60.76 U.S.

Gold prices hoisted $5.80 to $1,326.60 U.S. an ounce.


Source: Livemoney (March 13, 2018 - 12:15 PM EDT)

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