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Friday
Jun092017

Tech stocks pull Nasdaq into the red

iStock/Thinkstock(NEW YORK) -- Tech stocks pulled the Nasdaq composite lower Friday, as the Dow Jones Industrial Average notched another record close.

The Dow Jones gained 89.44 (+0.42 percent) to finish at 21,271.97.

The Nasdaq gave up 113.85 (-1.80 percent) to close at 6,207.92, while the S&P 500 finished at 2,431.77, down 2.02 (-0.08 percent) from its open.

Crude oil was about 0.5 percent higher with prices at $46 per barrel.

Winners and Losers:  A Goldman Sachs analyst warned of the outperformance of five tech stocks referred to as FAAMG-- Facebook, Amazon, Apple, Microsoft and Alphabet-- and how much they have driven the Nasdaq and S&P 500. The report Friday caused all five stocks to sink more than 2 percent.

Both JPMorgan Chase & Co. and Bank of America Corporation climbed 2 percent and 3 percent respectively.

Shares of Endo International sunk 17 percent after the Food and Drug Administration requested the drug company to remove its opioid painkiller, Opana ER, from the market.

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