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Stock market turns lower as tech sector slumps

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Trader William McInerney, center, works on the floor of the New York Stock Exchange Friday, April 4, 2014. Stocks are edging mostly higher in early trading Friday after the government reported that U.S. employers added to their payrolls last month. (AP Photo/Richard Drew)

Trader William McInerney, center, works on the floor of the New York Stock Exchange Friday, April 4, 2014. Stocks are edging mostly higher in early trading Friday after the government reported that U.S. employers added to their payrolls last month. (AP Photo/Richard Drew)

Trader Timothy Pastina, center, works on the floor of the New York Stock Exchange Friday, April 4, 2014. Stocks are edging mostly higher in early trading Friday after the government reported that U.S. employers added to their payrolls last month. (AP Photo/Richard Drew)

Trader Peter Cuttone works on the floor of the New York Stock Exchange Friday, April 4, 2014. Stocks are edging mostly higher in early trading Friday after the government reported that U.S. employers added to their payrolls last month. (AP Photo/Richard Drew)

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NEW YORK (AP) — Stocks are turning lower on Wall Street in midday trading, erasing an early gain.

The Standard & Poor’s 500 index fell seven points, or 0.4 percent, to 1,881 as of noon Eastern time Friday. The Dow Jones industrial average fell 32 points, or 0.2 percent, to 16,539.

Technology stocks fell sharply, pulling the Nasdaq composite index lower. The Nasdaq dropped 72 points, or 1.7 percent, to 4,249.

The market opened slightly higher as traders were encouraged by news that U.S. employers added to their payrolls last month. The overall report was mixed, however, and the unemployment rate remained steady at 6.7 percent.

CarMax slumped 3 percent after the used car seller said its quarterly income fell as the effects of an accounting correction offset higher vehicle demand.

Associated Press

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