Published: Mon, August 13, 2018
Business | By Eloise Houston

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

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

The Dow Jones Industrial Average index slid 245 points, or nearly two percent, during early trading hours on Wall Street.

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.

The S&P 500 is up 179.97 points, or 6.7 percent.

The S&P 600 closed at 1,061.55 for a loss of -1.55 points or -0.15%.

The Toronto Stock Exchange's S&P/TSX fell 90.47 points, or 0.55 per cent, to 16,326.51, led lower by the health care, consumer staples and utilities sectors.

"When we see the earnings growth in 2018, the multiples are reasonable at that record level", said Art Hogan, chief market strategist at B. Riley FBR in NY.

The index is just 1 percent shy of a record it hit on January 26 as an estimated 24 percent jump in earnings from S&P companies testified to the strength of the world's biggest economy and corporate sector.

The S&P index recorded 13 new 52-week highs and two new lows, while the Nasdaq recorded 42 new highs and 27 new lows.

The number of Americans filing for unemployment benefits unexpectedly fell last week, a Labor Department report showed. "You have banks losing because the 10-year U.S. Treasury came down".

About 5.9 billion shares changed hands on USA exchanges.

Sinclair (SBGI.O) dropped 2.4 percent after Tribune Media (TRCO.N) ended its $3.9 billion deal to be acquired by Sinclair and filed suit. The Nasdaq gained 0.3 per cent for the week after strong gains in some technology shares.

At 9:50 a.m. EDT the Dow Jones Industrial Average was down 14.63 points, or 0.06 percent, at 25,569.12, the S&P 500 was unchanged at 2,857.70 and the Nasdaq Composite was up 11.39 points, or 0.14 percent, at 7,899.72.

Shares of trade-sensitive companies declined, with Boeing, 3M and Caterpillar down between 2.3 percent and 4 percent.

Advancing issues outnumbered decliners by a 1.68-to-1 ratio on the NYSE and by a 1.58-to-1 ratio on the Nasdaq.

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