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US stocks turn lower as technology sector declines; CarMax skids on profit slump

NEW YORK, N.Y. - Stocks are turning lower on Wall Street in midday trading, erasing an early gain.

The Standard & Poor's 500 index fell seven points, or 0.4 per cent, to 1,881 as of noon (1600 GMT) Friday. The Dow Jones industrial average fell 32 points, or 0.2 per cent, to 16,539.

Technology stocks fell sharply, pulling the Nasdaq composite index lower. The Nasdaq dropped 72 points, or 1.7 per cent, to 4,249.

The market opened slightly higher as traders were encouraged by news that U.S. employers added to their payrolls last month. The overall report was mixed, however, and the unemployment rate remained steady at 6.7 per cent.

CarMax slumped 3 per cent after the used car seller said its quarterly income fell as the effects of an accounting correction offset higher vehicle demand.

The Canadian Press


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