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Tech Stocks Drag US Indexes Lower

Tech companies see sharp losses for 3rd consecutive day
By Newser Editors and Wire Services
Posted Jul 30, 2018 3:16 PM CDT
Tech Stocks Drag US Indexes Lower
Trader Gordon Charlop works on the floor of the New York Stock Exchange, Monday, July 30, 2018.   (AP Photo/Richard Drew)

(Newser) – Technology companies took sharp losses for a third day in a row and US indexes are closing lower, the AP reports. Twitter skidded 8% and Google's parent company Alphabet gave up 1.8%. Technology companies have done far better than the rest of the market for more than a year but weak reports from Twitter and Facebook have sent it lower. Energy companies rose with oil prices. US crude climbed 2.1% to $70.13 a barrel. The S&P 500 index fell 16 points, or 0.6%, to 2,802. The Dow Jones Industrial Average lost 144 points, or 0.6%, to 25,306. The Nasdaq composite fell 107 points, or 1.4%, to 7,630. (Read more stock market stories.)

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