Technology Giants Weigh Down Wall Street

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Technology Giants Weigh Down Wall Street
Photo: Jenny Kane/AP/TT

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The New York stock exchange fell on Wednesday, mainly due to declines in some of the index-heavy technology companies. iPhone manufacturer Apple fell 2.2 percent and chip giant Nvidia lost 2.8 percent.

Fast food chain McDonald's also fell, as the US federal health authority linked the company's quarter pounder burgers to an E. coli outbreak where at least 49 people fell ill in 10 states. The stock fell 5.1 percent.

The Coca-Cola stock sank 2.1 percent, despite the soft drink giant reporting higher profits and revenue than expected during the last quarter. However, the company's deliveries were lower than analysts had predicted.

According to the Beige Book, the Federal Reserve's regional economic report, hardly any changes have occurred in the US regarding economic activity since September. The report, published in the afternoon American time, had little or no impact on stock prices.

The broad S&P 500 index lost 0.9 percent, the Dow Jones industrial index fell 1.0 percent, and the Nasdaq composite index dropped 1.6 percent.

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By TTEnglish edition by Sweden Herald, adapted for local and international readers

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