Stocks retreat, dragged by tech shares

By Reuters
23 February 2009 @ 10:32 am EDT

Stocks retreated on Monday and the Nasdaq fell more than 1 percent as a sell-off in technology shares overshadowed gains in banks after reports that Washington could end up with a big stake in Citigroup common stock.

Traders work on the floor of the New York Stock Exchange February 20, 2009. U.S. stocks tumbled on Friday, depressing the Dow to levels last seen more than six years ago as investors worried a financial sector rescue might involve nationalization of major banks, wiping out shareholders.

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Large-cap technology companies led the Nasdaq lower, including Apple , which fell more than 2 percent. The declines reversed an earlier bounce fueled by gains in financials. Citigroup Inc is in talks to give the U.S. government a larger stake, a person familiar with the matter said.

The Dow Jones industrial average <.DJI> was off 9.64 points, or 0.13 percent, to 7,356.03. The Standard & Poor's 500 Index <.SPX> lost 3.20 points, or 0.42 percent, to 766.85. The Nasdaq Composite Index <.IXIC> gave up 17.39 points, or 1.21 percent, at 1,423.84.

(Reporting by Leah Schnurr; Editing by James Dalgleish)

Stocks retreat, dragged by tech shares

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