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S & P 500 falls for third consecutive loss after technology shares vanish

Another afternoon flop for stocks left the Standard & Poor & # 39; s 500 Index with its third consecutive loss on Tuesday.

The market looked like it would win in the morning, after technology stocks recovered from one of their few setbacks this year. But the technology rally lost momentum as the afternoon wore on, and losses of shares and telecommunications services helped consolidate the S & P 500's longest losing streak in almost four months.

The S & P 500 fell 9.87 points, or 0.4%, to 2,629.57. It had risen 0.3% in the morning, and marked the second consecutive day that an early rebound ended up perishing.

The Dow Jones industrial average lost 109.41, or 0.5%, to 24,180.64, and the Nasdaq compound fell 13.15, or 0.2%, to 6,762.21.

The ups and downs of the market have come as investors scrutinize the two proposals of Congress to modernize the tax system. The Senate and the House of Representatives are trying to reconcile their respective versions and investors are trying to discover which industries and companies will win and lose.

Technology companies already pay some of the lowest effective tax rates of companies in the S & P 500, so they have less to gain from the proposal. Technology stocks in the S & P 500 began to falter last week as expectations increased for the tax review and investors switched to companies that benefited most with lower rates, such as financial companies.

on Tuesday, and technology stocks in the S & P 500 rose 0.2%. Micron Technology rose $ 1.31, or 3.3%, to $ 41.21 for the biggest gain in the S & P 500.

The rest of the market, however, went down on Tuesday. Telecommunications shares fell 1.8% for the sharpest loss among the index sectors. Public services, industrial companies and retailers were also weak.

Edison International fell $ 10.26, or 12.8%, to $ 70 for the biggest loss in the S & P 500. Forest fires are occurring outside of Los Angeles, and investors are guessing that the damage could result in losses for the subsidiary of electrical services of the company Southern California Edison.

In the bond market, yields on Treasuries fell as bond prices rose. The yield on the 10-year Treasury note fell to 2.35% from 2.37% late on Monday.

On Monday the yuan rose to 112.62 Japanese yen from 112.60 yen. The euro fell to $ 1.1816 from $ 1.1855, and the British pound fell to $ 1.3442 from $ 1.3471.

The reference price of US crude rose 15 cents to settle at $ 57.62 per barrel. Brent crude, the international standard, gained 41 cents at $ 62.86 per barrel in London.

Gold fell $ 12.80 to settle at $ 1,264.90 per ounce, silver lost 31 cents to $ 16.07 per ounce and copper fell 14 cents to $ 2.95 per pound. [19659014] UPDATES:

2:30 pm: This article was updated with the market closing.

This article was originally published at 9:50 a.m.

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