Finance

Tech stocks slump after Google, IBM disappoint

Stocks are drifting lower on Wall Street in midday trading, led by a decline in the technology sector after Google and IBM reported disappointing earnings.

UnitedHealth Group also fell in early trading Thursday after its results also fell short of what investors were expecting. The Standard & Poor's 500 index edged down less than a point to 1,862 as of noon Eastern time. The index rose for the previous three days in a row.

The Dow Jones industrial average fell 22 points, or 0.1 percent, to 16,402. The Nasdaq composite was flat at 4,086. Morgan Stanley rose after reporting better results than analysts had forecast. Bond prices fell. The yield on the 10-year Treasury note rose to 2.68 percent.

U.S. markets will be closed for Good Friday.

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