Tech Weakness Pulls Stock Indexes Lower

Dow ends day down 137
By Newser Editors and Wire Services
Posted Aug 15, 2018 3:00 PM CDT
Tech Weakness Pulls Stock Indexes Lower
Trader Gregory Rowe works on the floor of the New York Stock Exchange, Tuesday, Aug. 14, 2018.   (AP Photo/Richard Drew)

(Newser) – Stocks are ending broadly lower on Wall Street led by declines in technology companies, the AP reports. A surprise drop in profits for the Chinese internet giant Tencent Wednesday led to widespread declines for technology stocks. The drop got investors worried about demand for high-tech products as well as economic growth. Macy's plunged 15.9% after reporting lower sales. Slumping prices for oil and copper sent energy and mining companies lower. Freeport-McMoRan slumped 7.7%. Safe-play stocks like utilities and phone companies rose. The S&P 500 index lost 21 points, or 0.8%, to 2,818. The Dow Jones Industrial Average dropped 137 points, or 0.5%, to 25,162. The Nasdaq composite fell 96 points, or 1.2%, to 7,774. (Read more stock market stories.)

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