Nasdaq Tumbles But Dow Gains On Oil Strength

NEW YORK, (UrduPoint / Pakistan Point News - 01st Dec, 2016 ) - Weakness in some large technology shares sent the Nasdaq lower Wednesday despite strong gains from banks and energy companies that boosted the Dow.

Technology stocks have been volatile since Election Day, with some industry leaders expressing concern that President-elect Donald Trump's protectionist policies could harm the sector. Analysts said Wednesday's drop reflected a rotation from technology to other sectors expected to benefit from Trump.

Facebook and Google parent Alphabet both lost more than one percent.

At the closing bell, the tech-rich Nasdaq Composite Index had fallen 1.0 percent to 5,328.38. The Dow Jones Industrial Average gained 0.1 percent to 19,132.42 while the broad-based S&P 500 climbed 0.2 percent to 2,199.27.

ExxonMobil and Chevron both jumped more than two percent after an OPEC deal to cut supply prompted a rally in oil prices. Fellow Dow members JPMorgan Chase and Goldman Sachs added 1.8 percent and 3.8 percent, respectively, in anticipation of favorable policies from the incoming Trump administration.