Stocks end week lower as tech companies fall

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NEW YORK CITY (AP) - U.S. stocks finished with hefty losses on another day of widespread selling among technology companies.

Apple fell 1.5 percent Thursday and internet gear maker Cisco Systems lost 2.1 percent after it lowered its guidance.

Investors also sold big-dividend stocks as bond yields jumped. Household products maker Procter & Gamble dropped 1.6 percent.

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 percent and Regions Financial added 4 percent.

The Standard & Poor's 500 index shed 21 points, or 0.9 percent, to 2,419.

The Dow Jones industrial average retreated 167 points, or 0.8 percent, to 21,287. The Nasdaq composite dropped 90 points, or 1.4 percent, to 6,144.


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