Tech stocks drag Wall Street lower in choppy trade

NEW YORK: The Nasdaq slid on Thursday as investors sold technology shares and bought underpriced stocks likely to do well on expectations the U.S. economy grows at its fastest pace in decades this year.

Five of the 11 S&P sectors fell, led by the communication services and technology indexes that hold some of the best-performing stocks of 2020, including Microsoft Corp, Amazon.com Inc and Netflix Inc. By 2:48 p.m. EDT, the Dow Jones Industrial Average rose 98.61 points, or 0.3per cent, to 32,518.67, the S&P 500 gained 9.04 points, or 0.23per cent, to 3,898.18 and the Nasdaq Composite dropped 23.25 points, or 0.18per cent, to 12,938.64.

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