The Clinton Herald, Clinton, Iowa

Business & Technology

January 3, 2014

US stocks fall on first day of 2014

NEW YORK (AP) — The U.S. stock market got 2014 off to a weak start Thursday. Major indexes fell after ending last year at record levels. Trading has been quiet this week with many investors on vacation.

KEEPING SCORE: The Dow Jones industrial average fell 130 points, or 0.8 percent, to 16,446 as of 12:38 p.m. Eastern Time. The Standard & Poor’s 500 index dropped 16 points, or 0.9 percent, to 1,831. The Nasdaq composite fell 38 points, or 0.9 percent, to 4,137.

OIL FALL: Energy stocks fell, leading declines for the S&P 500, as the price of oil dropped in response to the strengthening U.S. dollar. Oil slipped $1.92, or 1.9 percent, to $96.50 a barrel.

TECH TROUBLES: Technology stocks lost ground after some analysts published gloomy notes on companies in the sector.

Analog Devices lost $1.50, or 2.9 percent, to $49.43 after analysts at Goldman Sachs advised its clients to sell the stock, saying it’s overvalued compared to its peers. Apple fell $8.18, or 1.5 percent, to $552.82, after Wells Fargo cut its outlook on the stock to “market perform” from “outperform,” saying profit margins may come under pressure later this year.

JOBS: The number of Americans seeking unemployment benefits last week fell by 2,000, extending a recovery in the job market. The Labor Department reported Thursday that the four-week average of claims rose 8,500 to 357,250. The average was driven up by spikes that reflected seasonal volatility around the Thanksgiving and Christmas holidays.

HEAD START ON 2014: Stocks opened the year at lofty heights. The S&P 500 recorded its best year since 1997 last year; The Dow rose the most since 1995. The Nasdaq did far better than the Dow and S&P 500, rising 38.3 percent for the year, its best year since 2009.

TREASURYS: The yield on the 10 year Treasury note climbed to 2.99 percent from 2.97 percent. The yield on the note is close to its highest since July 2011.

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