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Wall Street starts 2014 with decline; investors take profits

Published on Jan 3, 2014 4:26 AM
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A trader works on the floor of the New York Stock Exchange at the closing bell on Nov 18, 2013. US stocks fell on their first day of trading in 2014 as investors booked profits in the wake of the S&P 500's best yearly advance since 1997. -- FILE PHOTO: AFP

NEW YORK (REUTERS) - US stocks fell on their first day of trading in 2014 as investors booked profits in the wake of the S&P 500's best yearly advance since 1997.

Some of 2013's strongest performers fell on the day, though traders also scooped up bargains in some of last year's weakest names.

All 10 S&P 500 sectors were lower, with tech among the biggest drags after Wells Fargo downgraded Apple Inc to"market perform" from "outperform," saying the company's market cap had limited upside potential without material market share gains.

Apple fell 1.4 per cent to US$553.02 and was the biggest drag on both the S&P 500 and Nasdaq 100 indexes. The S&P technology index fell 1 per cent.

 
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