Dow plunges as telecommunication stocks weigh

Source: Dukascopy Bank SA
US blue chips retreated on Wednesday as investors avoided stocks and other risky assets amid escalated worries over political turmoil in Italy. Disappointing numbers from the US real estate market pushed stocks deeper in red. US pending home sales dipped 0.4% in February versus a forecast of a 0.2% drop. Meanwhile, market players were cautious ahead of the final US GDP reading due on Thursday. The Dow Jones Industrial Average Index declined 0.23% to close at 14,526.16. Only 10 out of 30 companies included in the index ended the session on the positive note. Among industries, the only gainer was heath care industry, with UnitedHealth Group and Pfizer Inc. jumping 1.74% and 0.14%. Other notable gainer was Wal-Mart Stores Inc., adding 0.01%, a day after the retailer announced it may incur a loss from foreign bribery probes. At the same time, telecommunications and consumer goods dragged the US blue chips index lower. Verizon Communications and Coca-Cola Co dropped 1.09% and 1.16% .
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