Russia sanctions worry hits Wall St; techs weigh
Published on Mar 27, 2014 5:57 AM
NEW YORK (REUTERS) - United States (US) stocks fell on Wednesday, led by losses in the technology and materials sectors, as geopolitical concerns rose after the US and the European Union (EU) agreed to work together on tougher sanctions on Russia.
Trading remained choppy with US stocks mostly positive in the morning after US economic data pointed to improving conditions. But the major indexes reversed course in the afternoon as technology stocks turned sharply lower.
Among technology stocks, Facebook was one of the biggest decliners a day after the social networking company said it will acquire two-year-old Oculus VR Inc, a maker of virtual-reality glasses for gaming, for US$2 billion (S$2.5 billion). Facebook shares ended down 6.9 per cent at US$60.39.
The US and the EU agreed to work together to prepare possible tougher economic sanctions in response to Russia's behaviour in Ukraine. The sanctions could possibly include the energy sector.
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