Tech stocks extend recent gains, S&P 500 nears record high

Tech stocks extend recent gains, S&P 500 nears record high

The Dow Jones Industrial Average was the only laggard among the three major indexes.

Lagging shares were Nuvista Energy Ltd., down 10.7 per cent, Uni-Select Inc, down 6.6 per cent, and Bausch Health Companies Inc., lower by 5.3 per cent.

Aug 9 (Reuters) - The Dow and the S&P 500 were little changed, while the Nasdaq was firmly higher, propped up by the high-flying technology trio of Apple, Amazon and Microsoft.

The DXY dollar index stood 0.5% higher Friday. The S&P technology index fell 0.8 per cent, with Intel down 2.6 per cent after Goldman Sachs downgraded the stock to "sell".

Shares of Apple (AAPL.O) rose 0.8 percent, while those of Amazon (AMZN.O) were up 0.6 percent and Microsoft (MSFT.O) 0.4 percent.

Markets in Europe were also turbulent with Germany's DAX falling two percent, French CAC 40 falling nearly two percent, and Britain's FTSE 100 declining 0.8 percent.

Citigroup, the most global of the major USA banks, fell 2.3 percent.

However, chip stocks fell after Morgan Stanley downgraded the USA semiconductor industry, saying upside to estimates is hard to come by.

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The energy group dropped 0.75 percent and weighed the most on the S&P index as crude oil prices fell on slowing Chinese demand and trade issues.

Citigroup, the most global of the major USA banks, fell 2.4 per cent. JPMorgan, Wells Fargo and Bank of America were also lower.

Shares of trade-sensitive companies declined, with Boeing, 3M and Caterpillar down between 2.3 percent and 4 percent. The stock ended down 4.8 percent.

Data on Friday showed USA consumer prices rose in July and the underlying trend continued to strengthen, pointing to a steady increase in inflation pressures.

About 5.9 billion shares changed hands on US exchanges.

Walt Disney (N:DIS) fell 0.8 percent after its quarterly profit missed estimates as new technology costs rose.

Declining issues outnumbered advancers for a 1.55-to-1 ratio on the NYSE and for a 1.20-to-1 ratio on the Nasdaq.

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