Tech weakness hits Nasdaq, Dow flat despite oil strength

Tech weakness hits Nasdaq, Dow flat despite oil strength

NEW YORK: Weakness in some large technology shares sent the Nasdaq lower on Wednesday , while the Dow was essentially flat despite strong gains from banks and energy companies.Technology stocks have been volatile since Election Day, with some industry leaders expressing concern that President-elect Donald Trump’s protectionist policies could harm the sector.Analysts said Wednesday’s drop reflected a rotation from technology to other sectors expected to benefit from Trump. Amazon, Facebook and Google parent Alphabet all lost 1.5 per cent or more.Biotechnology stocks were another weak area, with Celgene losing 3.0 per cent and Gilead Sciences 1.5 per cent.The tech-rich Nasdaq Composite Index ended down 56.24 points to 5,323.68.The Dow Jones Industrial Average added 1.98 points , to close at 19,123.58, while the broad-based S P 500 lost 5.85 points to 2,198.81.”The stock market closed a strong month on a sloppy note,” said.”Equity indices entered the day with an assortment of positive…


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