Bank, Technology Stocks Bring Market Down (Bloomberg)
Investors pocketed recent profits today, exiting bank and technology shares to bring the overall market down for the fourth time in five sessions. “People are reducing their risk portfolios a little bit,” John Fox, director of research at Fenimore Asset Management in Cobleskill, New York, said. “Some of the speculative parts of the market have been selling off. If you own a stock and the reason you own it is it’s going up and it stops going up, there’s no reason to own it.”
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