US STOCKS-Wall St falls on euro worry, tech drop

* Euro-zone fiscal problems spur some risk aversion

* Apple and Microsoft lead tech sector’s decline

* Dow off 0.3 pct, S&P off 0.6 pct; Nasdaq off 1.3 pct

* For up-to-the-minute market news, click [STXNEWS/US]
(Updates to late afternoon, changes byline)

By Chuck Mikolajczak

NEW YORK, Jan 29 (BestGrowthStock) – U.S. stocks (Read more about the stock market today. ) fell on Friday,
erasing an earlier advance, as worries about fiscal turmoil in
Europe and a drop in technology stocks offset positive reports
on the U.S. economy.

Questions about the fiscal stability of Greece, Portugal
and Spain weighed on investors’ sentiment and caused them to
avoid riskier assets, putting the S&P 500 on track for its
worst monthly decline in 11 months.

“That is what was bringing in a lot of the selling during
the week. It’s still out there. I don’t think it’s going away,”
said Paul Mendelsohn, chief investment strategist at Windham
Financial Services in Charlotte, Vermont.

Earlier in the session, the major U.S. stock indexes rose
more than 1 percent after a host of reports showed the U.S.
economy grew at a much stronger-than-expected pace during the
fourth quarter, while consumer sentiment and Midwestern
business activity also improved in January. For details, see
[ID:nN28246399]

But the broader market lost ground by midday as investors
sold off shares of such technology bellwethers as Apple Inc (Read more about Apple stock future.)
(AAPL.O: ), Microsoft Corp (MSFT.O: ) and International Business
Machines Corp (IBM.N: ).

“It’s what we’ve been seeing across the board with all
companies that are coming in with good earnings — they don’t
go up, and if you are not going to go up on good news, what is
going to take you up?” Mendelsohn added.

The PHLX Semiconductor index (.SOXX: ) dropped 3.7 percent,
weighed down by a soft profit forecast from flash memory maker
SanDisk Corp (SNDK.O: ), which tumbled 12.3 percent to $25.25.
[ID:nN28107322]

The Dow Jones industrial average (.DJI: ) dropped 28.80
points, or 0.28 percent, to 10,091.66. The Standard & Poor’s
500 Index (.SPX: ) fell 6.81 points, or 0.63 percent, to
1,077.72. The Nasdaq Composite Index (.IXIC: ) lost 28.60 points,
or 1.31 percent, to 2,150.40.

Shares of Apple lost 3.9 percent to $191.60 and ranked as
the heaviest weight on the Nasdaq, while Microsoft’s stock fell
4.4 percent to $27.89.

Stock Market Advice

(Reporting by Chuck Mikolajczak; Editing by Jan Paschal)

US STOCKS-Wall St falls on euro worry, tech drop