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The Dow Now: PC Worries Hit Tech Stocks

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AT&T and JPMorgan are among gainers of the day.

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MINYANVILLE ORIGINAL Worrisome news from Europe weighed on US investors during mid-Monday trading. The Dow Jones Industrial Average (INDEXDJX:.DJI) is up 0.18% to 13,555.12 as of 12:10 p.m. EDT to start the new trading week after posting an overall loss in the last week.

German Chancellor Angela Merkel and French President Francois Hollande reportedly have not been able to reach a consensus on the timeline for launching a banking union. Meanwhile, German business sentiment fell for the fifth consecutive month in September, raising concern that Europe's largest economy might soon slide into recession.

"Europe keeps throwing lifeboats at the problem. What they are really doing is buying time for an orderly breakup of some of the countries leaving the eurozone," Nick Raich, director of research with Key Private Bank in Cleveland, told MarketWatch.

JPMorgan (NYSE:JPM) recovers from slight losses earlier in the morning to go up 0.88% to $41.24.

Buoyed by Apple's (NASDAQ:AAPL) iPhone 5, AT&T (NYSE:T) jumps 0.66% to $38.33. The same could not be said for fellow Dow communications company, Verizon (NYSE:VZ), which dips 0.12% to $45.58 on news that it will pay more than $510 million to TiVo (NASDAQ:TIVO) and ActiveVideo Networks to settle patent infringement lawsuits.

Intel (NASDAQ:INTC) (-1.84% to $22.70), Microsoft (NASDAQ:MSFT) (-1.55% to $30.71), and Hewlett-Packard (NYSE:HPQ) (-1.76% to $17.28) were among the largest decliners of the day, down as investors question if these tech giants will be able to find a new source of growth as the PC market continues to shrink rapidly.

Earlier, Evercore Partner's Rob Cihra revised his forecast for this year's PC unit sales downwards, saying that sales would slide 4% from a year ago. Previously, he had estimated that sales would stay flat year-to-year.

Twitter: @sterlingwong
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