Wall Street experiences mixed close, big tech decreases


(MENAFN) In a session marked by divergent movements, Wall Street experienced a mixed close as declines in prominent Big Tech companies offset gains in other sectors. The S&P 500, after an initial rise, closed down by 0.1 percent on Wednesday. The Nasdaq composite witnessed a 0.2 percent decline, while the Dow managed to eke out a modest gain of 13 points.

The dip in several technology giants contributed to the overall market fluctuations. Meta, the parent company of Facebook, saw a 2 percent decrease, while Alphabet, Google's parent company, experienced a 1.6 percent decline. In contrast, General Motors recorded a notable 9.4 percent surge following the announcement of a substantial stock buyback, an increased dividend, and the assurance that the costs associated with a new labor contract would not pose significant challenges. Concurrently, Treasury yields exhibited a decrease.

On the specifics of the day, the S&P 500 concluded 4.31 points lower at 4,550.58. The Dow Jones Industrial Average posted a minimal gain of 13.44 points, reaching 35,430.42. The Nasdaq composite retreated by 23.27 points to settle at 14,258.49. Conversely, the Russell 2000 index, representing smaller companies, displayed resilience by rising 11 points or 0.6 percent to 1,803.81.

Assessing the week's performance, the S&P 500 exhibited a 0.2 percent decline of 8.76 points, while the Dow recorded a marginal 0.1 percent increase of 40.27 points. The Nasdaq, with a 0.1 percent rise of 7.63 points, displayed modest gains. The Russell 2000, however, experienced a 0.2 percent decline of 3.69 points.

Zooming out to a broader perspective, the year-to-date figures revealed substantial growth in major indices. The S&P 500 demonstrated an impressive ascent of 711.08 points, translating to an 18.5 percent increase. The Dow saw a rise of 2,283.17 points, equivalent to a 6.9 percent uptick. The Nasdaq outperformed with a notable gain of 3,792.01 points, reflecting a robust 36.2 percent increase. The Russell 2000, representing smaller enterprises, experienced a more conservative rise of 42.56 points, constituting a 2.4 percent increase over the course of the year.

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