Tech Rally Fails to Budge S&P 500 for Week as Nasdaq Sets Recordby
Investor enthusiasm for technology stocks helped lift the Nasdaq Composite Index to a record this week, while the S&P 500 and Dow Jones Industrial Average were little changed.
The Nasdaq, which gained prominence during the dot-com boom of the 1990s, advanced in four out of five days amid gains in the computer and transportation industries, each of which rose at least 1 percent. The S&P 500 ended the week down 0.1 percent and the Dow lost 0.4 percent.
The week marked a turnaround for some of the sectors that had stood out during the market rally after Donald Trump’s surprise presidential election win. Energy shares in the S&P 500 dropped 1.9 percent, the most since the five days ended Nov. 4. Financial stocks slipped 0.1 percent,
Real estate companies led declines with a drop of 2.2 percent as the 10-year Treasury yield slid for the fourth straight week. Consumer discretionary stocks and tech companies added 0.8 percent.
For related equity market news in the week:
- Futility of Trading Trump Seen in Defense, Biotech Flow Reversal
- Bank Earnings Fuel Rally as Stocks Close in on Pre-Crisis Levels
- Wall Street’s Most Famous Quants Fed Up With JPMorgan Soothsayer
- Retail Stocks’ $70 Billion Discount Is Worst Holiday Since 2008
- UBS at Odds With BofA Urging Buy Hedges on Banks Before Earnings