A steep slide in big technology companies pulled the major U.S. stock indexes mostly lower Wednesday, offsetting strength in banks and health care and erasing some of the gains the market made a day earlier.
The tech-heavy Nasdaq composite, which is the best-performing index this year, had its biggest single-day drop since August as investors cashed in some of their winnings and bid up shares in health care companies and retailers, among others.
Bond yields rose following a strong report on third-quarter economic growth in the U.S. That helped banks because they can charge higher interest rates on loans.
The Dow Jones industrial average closed higher, notching a record high for the second straight day, while the Standard & Poor’s 500 index dipped less than 1 point.
“The market is flat, but inside the market, lots of change,” said Bob Doll, chief equity strategist at Nuveen Asset Management. “People are rotating away from what’s worked so well and buying some of the laggards.”
The S&P 500 index fell 0.04 percent, to 2,626.07. The Dow gained 103.97 points, or 0.4 percent, to 23,940.68. The Nasdaq lost 1.3 percent, to 6,824.39. The Russell 2000 index of smaller-company stocks picked up 5.86 points, or 0.4 percent, to 1,542.30. — AP