- POSTED: 09 May 2014 05:40
US stocks finished mixed on Thursday but some selling pressure continued to dog the technology sector amid worries about overvaluations.
NEW YORK: US stocks finished mixed Thursday but some selling pressure continued to dog the technology sector amid worries about overvaluations.
The Dow Jones Industrial Average finished up 32.43 points (0.20 per cent) to 16,550.97.
The broad-based S&P 500 slipped 2.58 points (0.14 per cent) to 1,875.63, while the tech-rich Nasdaq Composite lost 16.18 points (0.40 per cent) to 4,051.50.
Trade was heavy in Twitter, which rebounded 3.7 per cent after two days of sharp selling sparked by the end of a blackout period for pre-IPO investors like employees to sell their shares.
AT&T picked up 1.8 per cent amid signs that DirecTV (-1.8 per cent) might be open to a takeover by the telecom giant.
Drug maker Merck meanwhile sank 1.8 per cent, continuing its fall since announcing a deal to sell its consumer-care business to Bayer for $14.2 billion.
Tesla, the electric sports car maker whose first quarter earnings and outlook disappointed investors, led the Nasdaq losses with a 11.3 per cent drop.
Also falling were online travel booker Priceline (-2.1 per cent), Facebook (-1.1 per cent) and Apple (-0.7 per cent).
Kuerig Green Mountain Coffee jolted 12 per cent higher on its strong earnings of $1.08 a share, handily beating forecasts of 95 cents.
Disney, the entertainment and theme park giant, pushed up 1.6 per cent, reversing a profit-taking sell-off that came after its buoyant quarterly earnings report Tuesday.
Bond prices fell after the Treasury on Thursday faced unexpectedly weak demand in its auction of $16 billion worth of 30-year bonds.
The yield on the 10-year US Treasury rose to 2.61 percent from 2.59 per cent Wednesday, while the 30-year rose to 3.43 per cent from 3.40 per cent. Bond prices and yields move inversely.