U.S. stocks are finishing with hefty losses on another day of widespread selling among technology companies.
Apple fell 1.5 per cent Thursday and internet gear maker Cisco Systems lost 2.1 per cent after it lowered its guidance.
Investors also sold big-dividend stocks as bond yields jumped. Household products maker Procter Gamble dropped 1.6 per cent.
Big banks rose after the Federal Reserve said that they can buy back more stock and raise their dividends. Bond yields and interest rates also jumped.
Citigroup climbed 2.8 per cent and Regions Financial added 4 per cent.
The Standard Poor’s 500 index shed 21 points, or 0.9 per cent, to 2,419.
The Dow Jones industrial average retreated 167 points, or 0.8 per cent, to 21,287. The Nasdaq composite dropped 90 points, or 1.4 per cent, to 6,144.
U.S. stocks are sharply lower at midday as technology companies take big losses.
Cisco Systems fell 1.5 per cent Thursday after