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US: Wall Street slumps on weak tech, energy shares

Saturday, September 24, 2016 - 07:21
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[NEW YORK] Weakness in energy equities and technology giants Apple and Facebook pushed US stocks lower Friday, cutting into the gains of the prior two sessions.

An exception was Twitter, which surged 21.4 per cent following reports it is in talks with potential acquirers, including Google and Salesforce.com.

At the closing bell, the Dow Jones Industrial Average was at 18,261.45, down 0.7 per cent.

The broad-based S&P 500 fell 0.6 per cent to 2,164.69, while the tech-rich Nasdaq Composite Index shed 0.7 per cent to 5,305.75.

Apple fell 1.7 per cent on speculation that iPhone sales have been disappointing, while Facebook lost 1.6 per cent on concerns about its online advertising prospects.

Oil-linked stocks fell with petroleum prices, as Halliburton shed 1.9 per cent and ConocoPhillips lost 2.6 per cent.

Analysts said the market was due for a pullback after the Nasdaq finished at records the last two days following the Federal Reserve's decision to keep interest rates low.

AFP