Tech Tumble Sends Stocks Lower

NEW YORK (March 26, 2014) A slide in technology companies sent stocks down at the close Wednesday, erasing an earlier gain.

Facebook slumped 7 percent after announcing a $2 billion acquisition of virtual reality company Oculus, its second big purchase in two months.

The initial public offering of the company behind the hit game "Candy Crush Saga" flopped, and King Digital Entertainment dropped 16 percent on its first day of trading.

The Standard & Poor's 500 index fell 13 points, or 0.7 percent, to close at 1,852 Wednesday after rising by as much as 10 points.

The Dow Jones industrial average fell 98 points, or 0.6 percent, to end at 16,268.

The technology-heavy Nasdaq composite fell 60 points, or 1.4 percent, to close at 4,173.

Bond prices rose.

The yield on the 10-year Treasury note fell to 2.70 percent.


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