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Markets Right Now: Dow at record even as tech sector dives

NEW YORK, N.Y. – The latest on developments in financial markets (All times local):

4:00 p.m.

Technology stocks are ending sharply lower, pulling broad market indexes down with them, even as the Dow Jones industrial average notches another record high.

The Dow, which tracks just 30 blue-chip stocks, ended higher Thursday thanks to big gains in a handful of its components. Goldman Sachs and UnitedHealth group accounted for all of its increase.

In the broader market, technology stocks fell the most. The Nasdaq composite, which is heavily weighted with tech companies, had its second consecutive loss of more than 1 per cent.

Facebook fell 2.8 per cent and Microsoft lost 1.8 per cent.

The Nasdaq gave up 72 points, or 1.4 per cent, to 5,251. The Standard & Poor’s 500 lost 7 points, or 0.4 per cent, to 2,191. The Dow added 68 points, or 0.4 per cent, to 19,191.

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11:45 a.m.

The Dow Jones industrial average reaches a record high, even as broader indexes struggle, as banks and energy companies build on their recent gains.

Oil prices kept rising Thursday, a day after OPEC countries agree to cut production. Southwestern Energy jumped 8.6 per cent and Transocean rose 6.2 per cent.

Banks are rising as investors expect higher interest rates. JPMorgan Chase gained 2.3 per cent.

Technology and high-dividend stocks are skidding.

The Dow Jones industrial average rose 74 points, or 0.4 per cent, to 19,198. The Standard & Poor’s 500 index fell 1 point to 2,197. The Nasdaq composite slumped 53 points, or 1 per cent, to 5,270.

Bond prices fell. The yield on the 10-year Treasury note rose to 2.46 per cent.

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9:35 a.m.

Energy stocks are leading U.S. indexes mostly higher as the price of crude oil continues to climb.

Benchmark U.S. crude was up 3 per cent to $50 a barrel in early trading in New York Thursday, about where it was in mid-October.

Among energy companies, Southwestern Energy climbed 3.6 per cent and Range Resources rose 3.7 per cent.

Banks were also trading higher as interest rates rose further.

JPMorgan Chase gained 1 per cent.

The Dow Jones industrial average rose 38 points, or 0.2 per cent, to 19,163, above its latest record high close from last week.

The Standard & Poor’s 500 index was up a fraction at 2,198. The Nasdaq composite fell 9 points, or 0.2 per cent, to 5,314.

Bond prices fell. The yield on the 10-year Treasury note rose to 2.44 per cent.