Business briefing: Tech stocks slump, pull indexes down

Technology stocks slammed into reverse on Monday, and the losses overshadowed gains in other areas of the market to send broad U.S. indexes lower. Tech stocks in the S&P 500 lost 1.4 percent. The Standard & Poor's 500 index dropped 5.56 points, or 0.2 percent, to 2,496.66. The Dow Jones industrial average fell 53.50 points, or 0.2 percent, to 22,296.09, and the Nasdaq composite dropped 56.33, or 0.9 percent, to 6,370.59. Smaller stocks held up better than the rest of the market, and the small-cap Russell 2000 index rose 1.18, or 0.1 percent, to 1,451.96. Benchmark U.S. crude rose $1.56 to settle at $52.22, and Brent crude, the international standard, jumped $2.16 to $59.02 a barrel.

Bass Pro Shops' roughly $4 billion acquisition of rival outdoor retailer Cabela's is complete, but the small western Nebraska town that has been home to Cabela's is still wondering about its future. Monday's closing announcement didn't address how many of the roughly 2,000 Cabela's jobs will remain in Sidney, Neb. Bass Pro has said it expects to keep some operations in Sidney, but redundant headquarters jobs will likely be consolidated in Bass Pro's hometown of Springfield, Mo. The uncertainty about Cabela's future in Sidney has hurt business and slowed down the local real estate market in the town of fewer than 7,000. But many residents remain optimistic. The city endured the loss of roughly 2,000 jobs once before when the Sioux Army Depot closed in 1967. Cabela's shareholders are receiving $61.50 per share in the merger. The remaining company will be privately held.