Technology stocks drag Wall Street lower

08:45, June 22, 2010      

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Technology stocks dragged down Wall Street on Monday despite China's decision to let its currency float more freely.

U.S. stocks opened higher after China's central bank said it plans to allow the currency to be traded with more flexibility.

Major indexes were off morning highs later in the day as an internal BP document warned that a worst-case scenario rate for the Gulf of Mexico oil spill could be about 100,000 barrels per day, which is almost double the latest U.S. government figure.

Meanwhile, last week's latest batch of internal economic data fell short of expectation, spurring concerns over the strength and sustainability of the U.S. economic recovery.

Shares of Google and Microsoft fell about 1 percent, dragging down the Nasdaq.

The Dow Jones industrial average was down 8.23, or 0.08 percent, to 10,442.41. The Standard & Poor's 500 index fell 4.31, or 0.39 percent, to 1,113.20 and the Nasdaq declined 20.71, or 0.90 percent, to 2,289.09.

Source:Xinhua

(Editor:黄蓓蓓)

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