Steep Tech Drop Pulls Stocks Lower

Micron slumped 8.7%
By Newser Editors and Wire Services
Posted Nov 29, 2017 3:17 PM CST
Steep Tech Drop Pulls Stocks Lower
This July 15, 2013 file photo shows a sign for Wall Street outside the New York Stock Exchange.   (AP Photo/Mark Lennihan, File)

A steep drop in technology companies pulled major US stock indexes mostly lower Wednesday, offsetting gains in other sectors, the AP reports. Several big names in the tech sector fell—Micron slumped 8.7%—but tech remains the biggest winner on the market this year, up 35%. Bond yields rose following a strong report on third-quarter economic growth in the US. That helped banks because they can charge higher interest rates on loans. Bank of America climbed 2.3%.

The Standard & Poor's 500 index fell almost 1 point, less than 0.1%, to 2,626. The Dow Jones industrial average gained 103 points, or 0.4%, to 23,940, another record. Almost half of that gain was attributable to UnitedHealth. The Nasdaq composite dropped 88 points, or 1.3%, to 6,824.

(More stock market stories.)

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