U.S. Stocks Slide as Twitter Leads Selloff in Technology
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U.S. stocks fell for the third time in four days as Twitter Inc. led a selloff in Internet shares while American International Group Inc. dragged down financial companies.
Twitter plunged 18 percent as about 480 million shares from insiders became eligible for sale, more than quadrupling the current amount available for trading. The Dow Jones Internet Composite Index tumbled 3 percent, with Netflix Inc. and Amazon.com Inc. falling more than 4.1 percent. AIG declined 4.1 percent after saying rising claims costs contributed to a 27 percent drop in profit. Yahoo! Inc. gained 1.2 percent in after-hours trading as Alibaba Group Holding Ltd. filed for what could become the largest U.S. initial public offering ever.