The Nasdaq outperformed other major Wall Street indexes Wednesday after strong results from Microsoft Corp boosted the tech sector, but gains were trimmed during the session on lingering concerns about a weakening US economy and the banking sector.
The S&P 500 and Dow both closed lower, dragged down by transportation stocks, which are sensitive to economic cycles on continued fears of a recession. Bank stocks also came under pressure, with regional bank First Republic hitting an all-time low. Investors are worried about the sector after the recent failure of two US banks.
According to preliminary data, the S&P 500 fell 0.39% to 4,056.23 points, while the Nasdaq Composite index rose 0.47% to 11,854.83 points. The Dow Jones Industrial Average fell 0.69% to 33,305.46 points.
Source: Terra
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