June 23, 2021

Dow ends at record high as tech slides

The front facade of the New York Stock Exchange (NYSE) is seen in New York City, U.S., May 4, 2021. REUTERS/Brendan McDermid

The Dow Jones Industrial Average ended at a record high on Wednesday, while Nasdaq gave up its earlier gains and closed in red.

Energy (.SPNY) and materials (.SPLRCM) continued this week’s momentum, leading gains among S&P 500 sectors.Defensive utilities (.SPLRCU) and real estate (.SPLRCR) led sectoral declines.

“Energy, financial, materials, industrials are all outperforming. They tend to be cyclically oriented sectors and tend to benefit during periods when the economies are reopening and expanding,” said Terry Sandven, chief equity strategist at U.S. Bank Wealth Management.

The Philadelphia SE Semiconductor index (.SOX) recovered from a sell-off on Tuesday. Megacap technology companies including Amazon.com Inc (AMZN.O) and Facebook Inc (FB.O) and Alphabet Inc

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