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By Jennifer Yousfi
The U.S. stock indices trended lower for the second straight day on continued concerns about the technology and financial industries.
At noon ET, the blue-chip Dow Jones Industrial Average Index had posted a slight decline of 30.61 points (-0.25%), to trade at 12,392.25. The tech-laden Nasdaq Composite Index dropped 19.49 points (-0.84%), to reach 2,304.87. And the broader Standard & Poor's 500 Index slumped 2.34 points (-0.17%), to hit 1,338.79.
Sectors were mixed with the energy sector (0.48%), and the utilities sector (0.79%), posting the largest gains on the strength of $106 per barrel oil prices. The technology sector had the biggest decline, taking a –1.30% hit on weak earnings reports.
"On the tech side, we have two negative points with the numbers out of Oracle and Google," Owen Fitzpatrick, head of U.S. equities at Deutsche Bank, told MarketWatch. "We're starting to see some softness in there, but it's not a big slide."
“There are a lot of unknowns in the financial sector which I think could be adding to the economic headwinds that we're going to be facing for the next 12 months,” Kevin Divney, chief investment officer at Putnam Investments in Boston, which manages $190 billion, said in an interview with Bloomberg Television.
At midday, the dollar had gained ground against the euro (up 0.272%) and the yen (up 0.841%), but lost ground against the pound sterling (down 0.274%).
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