Tech stocks slump after Google, IBM disappoint

4/17/2014
ASSOCIATED PRESS
Wall-Street-Carnival-Corporation

In this photo provided by the New York Stock Exchange Euronext, Carnival Corporation President and Chief Executive Officer, Arnold W. Donald, center, and guests, gather on the podium for the closing bell at the Exchange on Wednesday, April 16, 2014, in New York. Carnival Corporation is headquartered in Doral, Fla; a suburb of Miami. (AP Photo/New York Stock Exchange Euronext, Dario Cantatore)

ASSOCIATED PRESS

NEW YORK -- Stocks are drifting lower on Wall Street in midday trading, led by a decline in the technology sector after Google and IBM reported disappointing earnings.

UnitedHealth Group also fell in early trading today after its results fell short of what investors were expecting.

The Standard & Poor’s 500 index edged down less than a point to 1,862 as of noon. The index rose for the previous three days in a row.

The Dow Jones industrial average fell 22 points, or 0.1 percent, to 16,402. The Nasdaq composite was flat at 4,086.

Morgan Stanley rose after reporting better results than analysts had forecast.

Bond prices fell. The yield on the 10-year Treasury note rose to 2.68 percent.

U.S. markets will be closed for Good Friday.