US STOCKS-Wall St slips as banks, techs drag; S&P flat for 2014

jueves 27 de marzo de 2014 16:48 GYT

* Citigroup shares slump after Fed rejects capital plan

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

* Dow off 0.03 pct; S&P off 0.2 pct; Nasdaq off 0.5 pct (Updates to close)

By Angela Moon

NEW YORK, March 27 (Reuters) - U.S. stocks fell on Thursday, erasing most of the S&P 500's year-to-date gain, as banking and technology stocks led the selloff.

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

"The decliners once again are the tech and small-cap names. The decline is not as steep as it was earlier this week, but the continued weakness we see in these sectors suggests that investors are becoming more cautious as money continues to leave the stock market," said Ryan Detrick, senior technical strategist at Schaeffer's Investment Research in Cincinnati, Ohio.

A steep drop in Citigroup Inc shares, which suffered their biggest daily decline since November 2012, helped push the S&P 500 lower a day after the Federal Reserve rejected the bank's capital plan. The S&P financial index lost 0.6 percent and was the worst-performing sector.

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...