Stocks close mostly lower as tech shares drop

Stocks were mostly lower at the close Friday. (MGN/file)
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NEW YORK (AP) Stocks are closing mostly lower Friday as a decline in technology stocks offsets a strong performance by Wall Street banks.

Apple dropped 1.9% and Broadcom fell 3.4% after the chipmaker warned that demand remains weak.

JPMorgan rose 2% and Citigroup gained 1.6%.

Banks were bolstered by the action in the bond market, where the yield on the 10-year Treasury jumped to 1.90% from 1.79% a day earlier.

The S&P 500 fell 2 points, or 0.1%, to 3,007, but finished with a weekly gain of 1%.

The Nasdaq, which has a heavy weighting of tech stocks, slipped 17 points, or 0.2%, to 8,176.

The Dow Jones industrials posted its eighth straight gain, rising 37 points, or 0.1%, to 27,219.