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Tech, phone companies lead stocks lower

A pedestrian walks past the New York Stock

A pedestrian walks past the New York Stock Exchange on Oct. 25, 2016. Credit: AP / Mary Altaffer

Technology stocks led a broad slide in stocks Tuesday after a day of mostly choppy trading.

Phone and utilities companies were among the big decliners after a sell-off in bonds sent yields sharply higher. Banks bucked the broader market decline amid heightened expectations of rising interest rates. Oil prices rose for the fourth straight day.

Late-afternoon developments in Washington helped put investors in a selling mood.

Republican leaders in the Senate decided to delay a vote on a health care overhaul bill until after the July 4 recess.

“The delay of the health care vote added to a little bit of the uneasiness going into the quarter end here,” said Sean Lynch, co-head of global equity strategy at the Wells Fargo Investment Institute. “It’s just worries that some of this political noise can complicate the chance of possible tax reform, health care reform and other policy measures that could boost the economy.”

The Standard & Poor’s 500 index fell 19.69 points, or 0.8 percent, to 2,419.38. The Dow Jones industrial average slid 98.89 points, or 0.5 percent, to 21,310.66. The Nasdaq composite lost 100.53 points, or 1.6 percent, to 6,146.62. The Russell 2000 of small-company stocks gave up 13.10 points, or 0.9 percent, to 1,403.54.

Bond prices fell. The 10-year Treasury yield rose to 2.20 percent from 2.13 percent late Monday.


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