Positive Economic News No Help for Declining Stocks
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iStock/Thinkstock(NEW YORK) — Stocks closed lower for a second day as a sell-off in technology companies outweighed encouraging economic news.
The Dow Jones Industrial Average fell 5 points to 16,264.23. The Nasdaq Composite dropped 22 points to end the day at 4,151.23. The S&P 500 lost 4 points, closing at 1,849.04.
Citigroup fell 6 percent after the Federal Reserve denied the bank’s plan to raise its dividend and buy back more stock.
King Entertainment extended its slide a day after a poor market debut. The maker of Candy Crush Saga plunged more than 2 percent to just over $18 a share.
GameStop fell 5 percent to about $37 a share. The video game retail chain was short of its fourth-quarter earnings estimates and plans to close some of its stores.
The Commerce Department says the economy expanded at a 2.6-percent pace between October and December — slightly better results than expected. Consumer spending rose at the fastest pace in three years.
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