Tech giants fuel Nasdaq 100’s surge, even as Dow, S&P 500 fall


Rallies in the shares of the biggest technology company’s helped lift the tech-heavy Nasdaq 100 NDX, +1.68% to a healthy gain, even as the broader stock market was selling off. The Nasdaq 100 climbed 1.3% in afternoon trading, reversing an earlier drop of as much as 1.9%, as the index’s top-five most valuable companies by market capitalization all rose. Shares of Apple Inc. AAPL, +1.89% gained 1.5%, Microsoft Corp. MSFT, +1.26% rose 1.0%, Alphabet Inc. GOOGL, +4.16% GOOG, +4.41% ran up 3.8%, Inc. AMZN, +3.60% advanced 3.6% and Tesla Inc. TSLA, +2.55% tacked on 1.9%. The index’s biggest gainer was early-pandemic beneficiary Zoom Video Communications Inc.’s stock ZM, +8.52%, which rose 7.8%. Meanwhile, the Dow Jones Industrial Average DJIA, -0.42% slumped 279 points, or 0.9%, and the S&P 500 SPX, +0.16% declined 0.9%.

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