Nasdaq Composite drops 1.23% as Dow Jones Industrial Average edges higher
The Nasdaq Composite closed down 337.38 points at 27,201.31 while the Dow Jones Industrial Average added 47.28 points to 51,227.15
Published
The Nasdaq's losses built through the session. Earlier in the day the index was down 1.00%, already extending declines from the morning.
The drop comes less than a week after the Nasdaq set a record high on October 2.
A weaker Nasdaq alongside a firmer Dow points to money moving out of the richly valued growth and technology names that drove the index to its October 2 record, and into more defensive or value-oriented stocks that carry heavier weight in the Dow. After a run where gains looked broad-based, a drop of this size in the Nasdaq alongside a small Dow gain suggests the advance is narrowing rather than extending, leaving open the question of whether the October 2 high marked the top of this run or just a pause in it.