Dow ends at fresh record; Nasdaq tumbles 1.4 per cent

A sharp decline in technology stocks pulled both, the Nasdaq and the S&P 500 indices, into the red on Thursday, while the Dow managed to notch a record closing high with a lift from bank and energy shares.

NEW YORK (AFP) - Strong gains by banking and industrial equities propelled the Dow to a fresh record Thursday (Dec 1), but an acceleration of the tech sell-off pushed the Nasdaq sharply lower.

The Dow Jones Industrial Average rose 0.4 per cent to 19,191.93 up almost 40 points above than the previous record set Nov 25.

But the Nasdaq dropped 1.4 per cent to 5,251.11, and the broad-based S&P 500 shed 0.4 per cent to 2,191.08.

The Dow was led by banking giant JPMorgan Chase and Goldman Sachs, which rose 1.6 per cent and 3.4 per cent, respectively. Industrial companies General Electric and Boeing gained 2.1 per cent and 1.2 per cent.

But the technology sell-off accelerated, with Facebook slumping 2.8 per cent, Intel 2.7 per cent and Tesla Motors 4 per cent.

Technology shares have been volatile since the US presidential election, with some analysts fearing protectionist measures by President-elect Donald Trump could harm the industry.