Another slide in tech drags the stock market lower

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Associated Press

Posted on March 27, 2014 at 9:01 AM

Updated Thursday, Mar 27 at 9:04 AM

NEW YORK (AP) — Stocks are moving lower in midday trading as technology shares slump again.

Video game store chain GameStop sank 7 percent after reporting lower sales and income than investors were expecting. GameStop will also close 2 percent of its stores.

Citigroup fell 6 percent after the Federal Reserve denied the bank's request to raise its dividend and buy back more stock.

The Standard & Poor's 500 index fell seven points, or 0.4 percent, to 1,844 as of midday Thursday. The index turned negative for the year.

The Dow Jones industrial average fell 37 points, or 0.2 percent, to 16,231. The tech-heavy Nasdaq composite lost 32 points, or 0.8 percent, to 4,140.

Bond prices rose. The yield on the 10-year Treasury note fell to 2.69 percent.

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