Dow Ends Day Down 171

And Nasdaq's 7-day surge is broken
By Newser Editors and Wire Services
Posted Mar 13, 2018 3:16 PM CDT
Dow Ends Day Down 171
Trader Gordon Charlop, center, works on the floor of the New York Stock Exchange, Tuesday, March 6, 2018.   (AP Photo/Richard Drew)

A pullback in technology stocks knocked out an early rally, breaking a seven-day surge for the Nasdaq composite, the AP reports. Chipmakers were in focus Tuesday after the White House blocked a hostile takeover of Qualcomm by rival Broadcom, citing national security concerns. Qualcomm slumped 5% in heavy trading. Cavium, a chipmaker that has agreed to be bought by Bermuda-based rival Marvell Technology, dropped 4.4%. Banks and consumer-focused stocks also slid. Disney lost 1.4%. Stocks started the day higher, and bond yields fell, after the government reported that inflation in consumer prices remained muted last month. The S&P 500 fell 17 points, or 0.6%, to 2,765. The Dow Jones industrial average lost 171 points, or 0.7%, to 25,007. The Nasdaq fell 77 points, or 1%, to 7,511. (Read more stock market stories.)

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