Stock News Midday trading in Wall Street saw a drastic drop in US stocks, especially the Tech stocks as the market faced disappointment from Google and IBM. The technology sector drifted lower as Google and IBM posted their dismal earnings report trailing investors’ expectations.
The Internet giant’s shares experienced a fall too shortly after its earnings report was announced. Google shares were down by 3.4% to reach at $544.36. IBM wasn’t too far off, as its shares fell by 3.9% to reach at $188.76. Likewise, UnitedHealth Group also saw its stocks drop in the market after it fell short of investors expectations.
US stocks fluctuated a bit, affected by this decline in the technology sector. S&P 500 dropped by a point to edge down to 1862 points after a three-day hike. Dow Jones industrial average slumped by 22 points to reach at 16,402 points. NASDAQ composite remained flat at 4086 points. The stock market will remain close tomorrow to celebrate Good Friday.
US shares have found themselves in choppy waters after a three-day gain on Thursday. The US stocks have been swinging between gains and losses as dismal performances by Google and IBM was somewhat neutralized by positive earnings report from General Electric Co. and Morgan Stanley.
General Electric Co. gained by 2.4% and Morgan Stanley rose by 3.2%, somewhat exceeding Wall Street expectations. Both market analysts and investors understand that it’s all about the earnings report at this time of the year. The earnings from big companies will remain a driving force behind how the share market performs.