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Stocks slide after three-day rally

Published 21/04/2016

Phone companies and utilities saw the biggest declines in shares
Phone companies and utilities saw the biggest declines in shares

Stocks closed broadly lower on Wall Street as the market pulled back after a three-day rally.

Traditional safe-play stocks such as phone companies and utilities had the biggest declines on Thursday. Those sectors have had some of the biggest gains since the beginning of the year.

In company news, United Continental slumped 10% after the airline announced a steep drop in earnings.

Viacom soared 14%t after reaching a new agreement with Dish Network to carry its cable networks.

The Dow Jones industrial average fell 113 points, or 0.6%, to 17,982.

The Standard & Poor's 500 index gave up 10 points, or 0.5%, to 2,091. The Nasdaq composite edged down two points to 4,945.

Bond prices fell. The yield on the 10-year Treasury note rose to 1.87%.

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