US stocks fall on first day of 2014

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Associated Press

Posted on January 2, 2014 at 10:02 AM

Updated Thursday, Jan 2 at 2:06 PM

NEW YORK (AP) — Stocks are lower on Wall Street on the first day of 2014, led by declines in technology companies.

Apple fell 1 percent after analysts at Wells Fargo cut their rating on the stock.

The Dow Jones industrial average was down 128 points, or 0.8 percent, at 16,452 in midday trading Thursday.

The Standard & Poor's 500 index was down 15 points, or 0.9 percent, at 1,832. The Nasdaq composite was down 38 points, or 0.9 percent, at 4,138.

The yield on the 10-year Treasury note edged up to 2.98 percent from 2.97 percent Tuesday.

Markets were closed Wednesday for New Year's Day.

The S&P 500 index rose nearly 30 percent in 2013, its best year since 1997.

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