January 2, 2014

U.S. stocks fell sharply on Thursday, after closing out 2013 with double-digit gains, as a downgrade of Apple hit the technology sector and investors bypassed a decline in jobless claims and a strong manufacturing report.

Apple fell 1.5 percent after Wells Fargo downgraded its stock to market perform from outperform.

A report Thursday had applications for unemployment benefits falling by 2,000 to 339,000 last week.

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