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

Carrie Underwood		
			Chris Pizzello  Invision

At the heart of the crisis was a slump in the Turkish lira, which worsened after President Donald Trump doubled tariffs on steel and aluminum imported from the country.

On the TSX 78 issues advanced and 162 declined as a 0.5-to-1 ratio favoured decliners.

Rite Aid (RAD.N) fell 11.5 percent after the drug store chain and US grocer Albertsons Cos ABS.N agreed to terminate their merger agreement. Tech stocks have been at the center of a sharp recovery in the S&P since a market rout in February, driving the index close to its record high.

At 12:28 a.m. EDT the Dow Jones Industrial Average was down 61.82 points, or 0.24 percent, at 25,567.09, the S&P 500 was down 2.30 points, or 0.08 percent, at 2,856.15 and the Nasdaq Composite was down 4.03 points, or 0.05 percent, at 7,879.64.

The TSX's energy group rose 0.22 points, or 0.11 per cent, while the financials sector slipped 1.81 points, or 0.59 per cent.

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

JPMorgan, Wells Fargo and Bank of America fell more than 1 percent, weighing the most on the benchmark S&P 500.

The S&P 500 is up 159.67 points, or 6 per cent.

The Dow is up 790.01 points, or 3.2 per cent.

For the week, the Dow Jones reported a loss of 0.6%, the S&P 500 reported a loss of 0.3% and the Nasdaq Composite gained 0.4%.

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Shares of trade-sensitive companies also declined, including Boeing, 3M and Caterpillar, which were all down at least 1 per cent.

Tesla shares were down 2.4 percent, following a steep rise a day earlier on Chief Executive Officer Elon Musk's plan to take the company private.

S&P technology sector's 0.5 percent fall was led by chipmakers.

Declining issues outnumbered advancing ones on the NYSE by a 2.12-to-1 ratio; on Nasdaq, a 1.47-to-1 ratio favored decliners.

About 6.7 billion shares changing hands on US exchanges.

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