Friday, 2 December 2016

S&P, Nasdaq dragged lower by tech; Dow hits record close

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A sharp decline in technology stocks pulled both the Nasdaq and the S&P 500 indexes into the red on Thursday, while the Dow managed to notch a record closing high with a lift from bank and energy shares. Declines in Facebook , off 2.8 percent at USD 115.14, and Microsoft , down 1.8 percent to USD 59.18, sent the Nasdaq to its lowest close since November 14, while the S&P 500 technology index dropped 2.3 percent, its worst daily performance since June 24. 

While the S&P 500 has gained more than 2 percent since the November election on hopes that President-elect Donald Trump's policies will trigger inflation and hasten a rise in interest rates, technology stocks have failed to participate, dropping nearly 3 percent.

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