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Investors flee tech for banks

Reuters
Friday, December 01, 2017

THE Nasdaq posted its biggest one-day drop in more than three months on Wednesday as investors fled high-flying technology stocks and shifted to banks and other pockets of the market that could benefit from improving economic conditions, lower regulations and taxes as well as higher interest rates.

Gains in financial, industrial and healthcare stocks boosted the Dow industrials, giving the blue-chip index another record closing high, and they helped the benchmark S&P 500 index finish near flat.

The S&P tech sector .SPLRCT, which has propelled the market's record-setting rally this year, shed 2.6 per cent for its biggest daily decline in over five months.

Shares of Amazon.com (AMZN.O), Apple (AAPL.O), Google parent Alphabet (GOOGL.O) and Facebook (FB.O) fell between 2 per cent and 4 per cent. Among the year's other high fliers, Netflix (NFLX.O) slid 5.5 per cent and the Philadelphia semiconductor index .SOX dropped 4.4 per cent.








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