Tech stocks take Nasdaq, S&P close to record

Dow down 200 emerging markets crashing on US-Turkey geopolitical concerns

Dow down 200 emerging markets crashing on US-Turkey geopolitical concerns

Mylan's 6.8 percent drop was the most on the benchmark S&P 500 after the drugmaker reported quarterly results and said it was actively evaluating a "wide range of alternatives".

The S&P index recorded 12 new 52-week highs and 10 new lows, while the Nasdaq recorded 73 new highs and 78 new lows.

Tesla Inc's (TSLA.O) shares also fell to a two-day low and wiped out all of the gains fuelled by Chief Executive Elon Musk's recent tweet announcing a plan to take the company private. The S&P 500 fell 0.7 percent to close at 2,833.28 as financials and materials lagged.

The S&P 500 index slipped after coming within spitting distance of a record high following a four-day rise.

Walt Disney (N:DIS) fell 0.8 percent after its quarterly profit missed estimates as new technology costs rose.

At 9:53 a.m. EDT the Dow Jones Industrial Average was down 38.77 points, or 0.15 percent, at 25,590.14, the S&P 500 was down 2.83 points, or 0.10 percent, at 2,855.62 and the Nasdaq Composite was down 7.72 points, or 0.10 percent, at 7,875.95.

The latest data pointed to strength in the labour market, underscoring the health of the US economy despite ongoing trade tensions.




The number of Americans filing for unemployment benefits unexpectedly fell last week, suggesting that a strong economy was helping the labor market counter ongoing trade tensions.

Seven of the 11 main S&P sectors were higher. Tribune shares rose 2.9 percent.

Almost 90 percent of S&P 500 companies have reported quarterly results thus far. Rite Aid fell 11.5 per cent after the drug store chain and U.S. grocer Albertsons Cos agreed to terminate their merger agreement.

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

Declining issues outnumbered advancing ones on the NYSE by a 2.10-to-1 ratio; on Nasdaq, a 1.51-to-1 ratio favoured decliners.

"We have been in a tug of war between broadly positive economic conditions and the uncertainty of trade risk", said Bill Northey, senior vice president at U.S. Bank Wealth Management in Helena, Montana.

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