Tech stocks take Nasdaq closer to record

Daniel Fowler
August 12, 2018

The Nasdaq composite rose 3.46 points to 7,891.78.

Meanwhile, concerns over escalating trade conflict between the US and China weighed on the trade-sensitive S&P 500 Industrials Index, which ended up losing 0.57% on the day.

US stock-index benchmarks slumped to start Friday trade, tracking a global equity retreat fueled by a mounting currency crisis in Turkey, which raised the alarm for possible contagion into other markets. Tribune shares rose 0.3 percent.

The S&P 500 is up 13.23 points, or 0.5 per cent.

The Toronto Stock Exchange's S&P/TSX fell 90.47 points, or 0.55 per cent, to 16,326.51, led lower by the health care, consumer staples and utilities sectors.

The Russell 2000 is up 17.52 points, or 1 per cent.

A slump in the Turkish lira worsened after U.S. President Donald Trump doubled tariffs on steel and aluminum imported from the country.

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The Nasdaq inched toward a record on the back of high-flying technology trio of Apple, Amazon and Microsoft, while gains in the Dow and the S&P 500 were limited as energy shares fell.

The Dow Jones Industrial Average on Wednesday was down 45.16 points, or 0.18 per cent, to 25,583.75.

Turkey's lira touched a record low against the dollar, weakening 4 percent in 24 hours after meetings in Washington looked to have made little progress in mending a row over Ankara's jailing of an American pastor.

"There is low volatility in the markets as the S&P and Nasdaq are just below all-time record highs, and it seems like markets are complacent right now", said Tom White, chief market strategist at TradeWise Advisors, in Chicago, Illinois. That was a drop of 0.7 percent from Thursday's close.

Brent crude futures fell 8 cents to $72.20 a barrel and US crude futures were down 2 cents at $66.92 a barrel.

Advancing issues outnumbered decliners by a 1.68-to-1 ratio on the NYSE and by a 1.58-to-1 ratio on the Nasdaq.

About 6.7 billion shares changing hands on US exchanges. Excluding the energy sector, the earnings growth estimate declines to 20.4 percent, according to Thomson Reuters.

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