US STOCKS-Tech, financials lead market lower; S&P negative for year

jueves 27 de marzo de 2014 15:28 GYT

* Citigroup shares slump after Fed rejects capital plan

* GDP grew 2.6 pct in Q4; jobless claims unexpectedly drop

* Dow off 0.2 pct; S&P off 0.4 pct; Nasdaq off 0.8 pct (Updates to late afternoon trade)

By Angela Moon

NEW YORK, March 27 (Reuters) - U.S. stocks extended losses in late afternoon trading on Thursday, erasing S&P 500's year-to-date gain, as banks and technology stocks led the decline.

The benchmark S&P 500 was now flat for the year after falling more than 1 percent this week as many of the market's biggest trading favorites lost their momentum.

Markets were pressured by a steep drop in Citigroup Inc shares, which suffered their biggest daily decline since November 2012, after the Federal Reserve rejected the bank's capital plan. The S&P financial index lost 0.9 percent and was the worst-performing sector.

The tech-heavy Nasdaq was once again underperforming the broader market. The Nasdaq Biotechnology Index fell 0.3 percent, extending its weekly loss to nearly 5 percent.

But the S&P 500 managed to hold above the 1,840 level, which has recently acted as support, as the end of the quarter approached and money managers engaged in "window dressing," adjusting positions to improve the look of their portfolios.   Continuación...