Big Tech Gains Nudge S&P 500 to Record High

Tech rises offset losses among banks, industrial stocks
By Newser Editors and Wire Services
Posted Jun 14, 2021 3:51 PM CDT
Big Tech Gains Nudge S&P 500 to Record High
In this photo provided by the New York Stock Exchange, specialist Patrick King works with traders on the floor of the NYSE, Monday, June 14, 2021.   (Courtney Crow/New York Stock Exchange via AP)

Gains in several big-name tech companies including Apple helped nudge the S&P 500 to another record high Monday, even as other parts of the market faltered. The benchmark index was lower for most of the day, then turned higher in the last 10 minutes of trading, ending up 0.2% to 4,255.15 . The Nasdaq rose 0.7%, but the Dow Jones Industrial Average and small-company stocks fell, the AP reports. The Dow fell 85.85 points, or 0.2%, to 34,393.75. Trading has been choppy as investors gauge the strength of the economic recovery and whether emerging signs of inflation will be transitory, as the Federal Reserve believes. The Fed holds its latest meeting on interest rate policy this week.

Banks, industrial, and materials companies had some of the broadest losses. Big technology stocks helped offset some of the slide. Apple rose 2.3% and Adobe rose 2.8%. Several large communications companies also made gains. Facebook rose 1.4% and Netflix gained 2.5%. Lordstown Motors sank 16.9% after the CEO and CFO resigned as problems mount for the startup electric truck maker. Novavax rose 0.6% after slipping into the red earlier in the day. The vaccine maker said its COVID-19 shot was highly effective against the disease and also protected against variants in a large study in the US and Mexico. The company is facing raw-material shortages, though, and plans to seek authorization for the shots by the end of September.

(More stock market stories.)

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