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US: Dow ends at record amid tech sell-off
[NEW YORK] Retailers and financial companies were among the gainers on Monday while high-flying technology shares sold off on a mixed day for the broader market.
Analysts described the shift out of technology names as a reallocation after the sector's banner run. The move also reflects the expectation that many growth stocks are not the biggest winners under the massive tax plan now moving through Congress.
The Dow Jones Industrial Average finished up 0.2 per cent at 24,290.05, a new record.
But the tech-rich Nasdaq Composite Index slid 1.1 per cent to 6,775.37, while the broad-based S&P 500 dipped 0.1 per cent to 2,639.44.
Banks gained, with JPMorgan Chase rising 2.1 per cent and Bank of America 3.5 per cent.
Retailers also were winners, with Macy's surging 6.7 per cent, Lowe's 4.5 per cent and Best Buy 3.7 per cent.
But technology shares languished, as Amazon lost 2.4 per cent, Facebook 2.1 per cent and Microsoft 3.8 per cent.
Insurer Aetna shed 1.4 per cent after agreeing to be acquired by drugstore chain CVS Health for US$69 billion in a move that would broaden the pharmacy's traditional functions to include clinics and more nuts-and-bolts health services. CVS fell 4.6 per cent. Both companies were put on watch for downgrades by S&P.
Disney shot up 4.7 per cent on reports it was in talks to buy assets from 21st Century Fox and after its animated movie Coco led the box office last weekend.
Other media stocks also gained, including Comcast, which advanced 4.9 per cent and Time Warner 1.5 per cent.