New York Report: Wall St hit as tech stocks fall
US stocks fell yesterday, led by losses in the technology and materials sectors, as geopolitical concerns rose after the US and the EU agreed to work together on tougher sanctions on Russia.
Trading remained choppy with US stocks mostly positive in the morning after US economic data pointed to improving conditions. But a sharp fall in technology stocks hit the main indices.
Facebook fell a day after the social networking company said it will acquire two-year-old Oculus VR Inc, a maker of virtual-reality glasses for gaming, for $2bn. Facebook shares ended down 6.9 per cent at $60.39.
The Dow Jones industrial average slipped 98.89 points, or 0.60 per cent, to end at 16,268.99. The Standard & Poor’s 500 Index dropped 13.06 points, or 0.70 per cent, to finish at 1,852.56. The Nasdaq Composite Index fell 60.69 points, or 1.43 percent, to close at 4,173.58.