The NASDAQ composite pulled back from record levels on Thursday as declines in Facebook and other major tech names pushed the sector lower.
However, the Dow Jones Industrials gained 95.02 points to 25,241.41, as McDonald’s shares jumped 3.8% after the company announced a fresh batch of layoffs.
The S&P 500 faded 1.98 points to 2,770.37, as tech’s losses offset strong gains in energy shares.
The NASDAQ fell 54.17 points to 7,635.07, as Facebook and Netflix both fell more than 1.5%. Amazon and Alphabet also contributed to the NASDAQ’s losses. The NASDAQ closed at a record high on Wednesday
Tech has risen sharply in recent weeks, with the sector gaining more than 5% over the past month.
Commerce Secretary Wilbur Ross told the media that the U.S. struck a deal with China’s ZTE to end American sanctions against the company. Ross noted the deal includes a $1-billion penalty against ZTE and a U.S.-chosen compliance team to be embedded at ZTE.
However, trade concerns lingered as Boeing shares dropped 1.4%. Boeing is highly sensitive to trade worries since a large chunk of its business comes from overseas.
Equities have rebounded nicely over the past month, with the major indexes rising at least 3% in that time period. Strong economic data, coupled with tech’s sharp rise, have helped push stocks higher.
Berkshire Hathaway Chairman Warren Buffett said he expects the economy to perform strongly for years to come. “Right now, there’s no question: It’s feeling strong. I mean, if we’re in the sixth inning, we have our sluggers coming to bat right now,” Buffett told the media.
Prices for the benchmark for the 10-year U.S.Treasury gained sharply, lowering yields to 2.92% from Wednesday’s 2.98%. Treasury prices and yields move in opposite directions.
Oil prices picked up $1.24 at $65.97U.S. a barrel.
Gold prices regained 10 cents to $1,301.50U.S. an ounce.
This article provided by NewsEdge.