U.S. stock market extends slump, hurt by financial firms; tech stocks remain in a funk

4/7/2014

NEW YORK — U.S. stocks are sagging at the close, pushing the broader market to its longest losing streak since January.

Declines were led by financial firms and consumer discretionary companies, which provide goods and services that are not must-haves for shoppers. High-growth technology stocks also continued their slump from last week, although the declines weren’t as severe.

The Standard & Poor’s 500 index fell 20 points, or 1.1 percent, to close at 1,845 today. It was the third straight down day for the index, its longest losing span since late January. The Dow Jones industrial average dropped 166 points, or 1 percent, to 16,245. The Nasdaq slipped 47 points, or 1.2 percent, to 4,079.

Fashion accessory company Fossil Group and used car retailer CarMax slid 4 percent. CarMax reported disappointing results Friday.