Tech stocks drive Nasdaq higher; Dow, S&P flat

Aug 13, 2018, 07:49
Tech stocks drive Nasdaq higher; Dow, S&P flat

The benchmark Dow Jones Industrial Average and broader S&P 500 finished the week at a loss while the tech-heavy Nasdaq posted a slender gain.

Lagging shares were Nuvista Energy Ltd., down 10.7 per cent, Uni-Select Inc, down 6.6 per cent, and Bausch Health Companies Inc., lower by 5.3 per cent.

In the week ending August 4, the advance figure for seasonally adjusted initial claims was 213,000, a decrease of 6,000 from the previous week's revised level, the Labor Department said on Thursday. The S&P technology index .SPLRCT fell 1 percent, with Intel down 2.8 percent after Goldman Sachs downgraded the stock to "sell".

The Nasdaq is up 935.72 points, or 13.6 per cent.

But all three ended the day in the red: the Dow fell 196.09 points (0.77 per cent) to 25,313.14 while the S&P and Nasdaq shed 20.30 points (0.71 per cent) and 52.67 points (0.67 per cent) respectively to finish at 2,833.28 and 7,839.11.

Markets in Europe were also turbulent with Germany's DAX falling two percent, French CAC 40 falling nearly two percent, and Britain's FTSE 100 declining 0.8 percent. Occidental Petroleum (OXY.N) fell 4.2 percent after it maintained a tepid production forecast for the year.

Shares in trade-sensitive companies fell.

Crude oil prices failed to make a decisive recovery on Thursday even though the USA sanctions against Iran went into effect on Thursday and the S&P 500 Energy Index closed the day 0.9% lower. Citigroup, the most global of the major USA banks, fell 2.7 percent.

Rite Aid (RAD.N) fell 11.5 percent after the drug store chain and US grocer Albertsons Cos ABS.N agreed to terminate their merger agreement. The number of Tesla shares sold short rebounded and are now higher than before Chief Executive Elon Musk on Tuesday proposed taking the electric auto maker private, according to data from financial technology and analytics firm S3 Partners.

Advancing issues outnumbered declining ones on the NYSE by a 1.15-to-1 ratio; on Nasdaq, a 1.31-to-1 ratio favored advancers.

About 6.7 billion shares changing hands on USA exchanges. The Nasdaq Composite dropped 57.07 points, or 0.72 per cent, to 7,834.71 at the opening bell.

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