Another slide in tech stocks pushes market lower; GameStop, Google, King Digital slump
3/27/2014NEW YORK — More weakness in the technology sector sent the stock market lower today.
GameStop fell 4 percent after reporting lower sales and income than investors were expecting. GameStop also said it will close 2 percent of its stores.
“Candy Crush Saga” maker King Digital fell 3 percent on its second day as a publicly traded company, and Google fell 2 percent.
The Standard & Poor’s 500 index fell three points, or 0.2 percent, to close at 1,849 today.
The Dow Jones industrial average lost four points, or 0.2 percent, to 16,264. The tech-heavy Nasdaq composite lost 22 points, or 0.5 percent, to 4,151.
Citigroup fell 5 percent after the Federal Reserve denied the bank’s plan to raise its dividend.
Bond prices rose. The yield on the 10-year Treasury note fell to 2.68 percent.