In a solid day for tech stocks, the Nasdaq hit yet another record closing high on Tuesday, even as other US equity indices ended the day lower under pressure from a weakening dollar and slipping oil prices.
The Nasdaq was lifted by a strong performance from the tech sector to gain 0.33 per cent and take it to a new closing high of 61,69.87. The S&P 500, however, slipped from the record intraday level it hit earlier in the day, to close at 2,400.67. The Dow Jones Industrial Average gave up earlier gains to close flat at 20,979.75.
It was a tough day for the dollar, with European political fears on the decline while US political risks are back on the menu after the latest controversy stirred by US President Donald Trump. The dollar index, which measures the greenback against a basket of its peers, was down 0.72 per cent to 98.08, its lowest point since the aftermath of the US presidential election.
Oil failed to hold onto the momentum generated by Monday’s rally. Brent, the international benchmark, rose as high as $52.36 a barrel yesterday before dropping 0.33 per cent today to $51.65. West Texas Intermediate, the US standard, was down 0.4 per cent to $48.66.
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