Steep Tech Drop Pulls Stocks Lower

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.

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