Facebook weighs on Nasdaq and S&P, but trade optimism boosts Dow
Facebook`s slump set the Nasdaq on pace for its biggest drop in a month, but industrial stocks rose after the United States and the European Union said they would negotiate on trade.
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But while the Nasdaq and the S&P 500 slumped, the Dow rose, in part on the strength of industrial stocks. Industrials, which have been a bellwether of trade tensions, were lifted after U.S. President Donald Trump and the European Commission President Jean-Claude Juncker agreed to work to resolve U.S. tariffs on steel and aluminium and Europe`s retaliatory duties.
"Yesterday, there was a divergence between the Dow and the Nasdaq, and you`re continuing to see that today," said Shawn Cruz, manager of trader strategy at TD Ameritrade in Chicago. "Facebook is such a big component of the Nasdaq. A sudden reversal can have a chilling effect."
The Dow Jones Industrial Average <.dji> rose 121.25 points, or 0.48 percent, to 25,535.35, the S&P 500 <.spx> lost 8.7 points, or 0.31 percent, to 2,837.37 and the Nasdaq Composite <.ixic> dropped 82.45 points, or 1.04 percent, to 7,849.79.
Another drag on the S&P and Nasdaq was Biogen Inc
Chipmakers, however, were a bright spot amid Thursday`s declines. The Philadelphia SE Semiconductor Index <.sox> rose 1.7 percent.
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Advancing issues outnumbered declining ones on the NYSE by a 1.44-to-1 ratio; on Nasdaq, a 1.25-to-1 ratio favoured advancers.
The S&P 500 posted 52 new 52-week highs and five new lows; the Nasdaq Composite recorded 110 new highs and 66 new lows.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)