Wall Street extends losses, Nasdaq down 1 percent

August 30, 2012

NEW YORK (Reuters) – Stocks extended losses on Thursday, with the Nasdaq down 1 percent on weakness in large-cap tech shares.

Tech shares were among the weakest of the day, with JDS Uniphase off 4.9 percent to $11.18 and Juniper Networks down 4.7 percent at $17.62. Seagate Tech and F5 Networks were also weaker.

The Dow Jones industrial average was down 122.84 points, or 0.94 percent, at 12,984.64. The Standard & Poor’s 500 Index was down 13.10 points, or 0.93 percent, at 1,397.39. The Nasdaq Composite Index was down 33.84 points, or 1.10 percent, at 3,047.35.

Stocks had previously been lower as investors closed out positions ahead of Federal Reserve Chairman Ben Bernanke’s speech on Friday, where he is expected to stoke expectations for a third round of quantitative easing, though he may not detail the timing of the Fed’s action.

(Reporting by Ryan Vlastelica; Editing by Dave Zimmerman)

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