US Stocks Drop As Rare Downgrade Spooks Large-Cap Tech Investors; Dow Buoyant
04:54 PM EDT, 05/10/2021 (MT Newswires) -- US stocks fell Monday, with tech megacaps especially weak after an early defection from the crowded bandwagons of brokerage analysts bullish on Facebook (FB) and Alphabet (GOOG).
The S&P 500 dropped 1% from Friday's record close to 4,188.43, while the Nasdaq Composite tumbled more than 2.5% to 13,401.86. The Dow Jones Industrial Average slipped just 0.1% from its own record close, settling at 34,742.82.
The Dow was buoyed by its health care, consumer staples and industrial components; utilities and real estate stocks outperformed as well. Financials joined techs in the penalty box.
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