Tech Sector Drags Down Stocks

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& #8226; National

Disappointing tech sector earnings set off a second day of selling on Wall Street Wednesday. The tech-dominated Nasdaq bore the brunt of investors’ concerns.


The Dow Jones Industrial Average fell 41.46, or 0.4 percent, to 10,854.8. The S & P; 500 dropped 5, or 0.4 percent, to 1,277.93. The Nasdaq Composite Index lost 23.05, or 1 percent, to 2,279.64.


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& #8226; Local


Local movers were led by MannKind Corp., which gained 8.3 percent to $17.32, and American Reprographics Co., which rose by 3.9 percent to $26.65. On the down side, shares of Arden Group Inc. fell 1.4 percent to $85 and Occidental Petroleum Corp. slipped 1.2 percent to $91.11.


Shares of Reliance Steel & Aluminum Co. jumped after it announced that it will buy Earle M. Jorgensen Co. for nearly $650 million in cash and stock a deal that will add 39 metal processing facilities in the U.S. and Canada to its business and sharply increase its annual revenue. Reliance Steel climbed 4.6 percent to $68.80 and Jorgensen soared 24 percent to $12.93.

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