Stocks erase gains as tech shares roll over

Jun 11 17:06 2019 Print This Article

Stocks erased earlier gains on Tuesday as a rally in the technology sector fizzled out.

The Nasdaq Composite traded 0.1% lower, erasing a surge of more than 1%. The Dow Jones Industrial Average was down 2 points after rallying more than 150 points while the S&P 500 traded just below breakeven.

The S&P 500 technology sector was down 0.3%, giving back a gain of 1.1%. Advanced Micro Devices and Symantec led tech’s decline, sliding more than 3% each.

The Dow was on pace to snap a six-day winning streak. However, the S&P 500 traded about 2.4% below an all-time high set in April.

“At this point, a failure to break out to new highs would be viewed as negative. The month is only a week and a half old, but we’ve got a head of steam now. We’re seeing evidence of more individual stocks in the S&P 500 making new highs. There’s a bit of an expectations the S&P 500 might be able to test those levels we saw in April,” said Willie Delwiche, investment strategist at Baird.

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