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Dow, S&P notch new records; Nasdaq drops

Published on May 14, 2014 5:58 AM
Traders work on the floor of the New York Stock Exchange on May 13, 2014 in New York City. -- PHOTO: AFP

NEW YORK (AFP) - The Dow and S&P 500 on Tuesday edged to record closing highs for the second day in a row even as the Nasdaq fell on concerns technology stocks are overvalued.

The Dow Jones Industrial Average advanced 19.97 points (0.12 per cent) to 16,715.44, while the S&P 500 added 0.80 (0.04 per cent) at 1,897.45 after breaching 1,900 for the first time.

But the Nasdaq Composite Index dropped 13.69 (0.33 per cent) to 4,130.17.

The Nasdaq has underperformed the other two indices since early March on worries that tech-sector earnings will not live up to lofty expectations.

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