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US Stocks Close Lower

As chipmakers slump
By Newser Editors and Wire Services
Posted May 20, 2019 3:21 PM CDT
Peter Tuchman, right, works with fellow traders on the floor of the New York Stock Exchange, Friday, May 17, 2019.   (AP Photo/Richard Drew)

(Newser) – Stocks are closing lower on Wall Street Monday as technology stocks suffer steep declines, the AP reports. The stock market has turned lower in May amid heightened tensions over trade between the US and China. In the latest turn, the Trump administration is cracking down on Chinese telecom giant Huawei. Companies that supply technology to Huawei fell, with Broadcom and Qualcomm each falling 6%. Sprint shares spiked 18.8% after the chairman of the Federal Communications Commission said he will recommend approval of its merger with T-Mobile. Shares of T-Mobile gained 3.8% The S&P 500 index fell 19 points, or 0.7%, to 2,840. The Dow slid 84 points, or 0.3%, to 25,679. The tech-heavy Nasdaq dropped 113 points, or 1.5%, to 7,702. (Read more stock market stories.)

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