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 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. gained 1.5%, Microsoft Corp. rose 1.0%, Alphabet Inc. ran up 3.8%, Amazon.com Inc. advanced 3.6% and Tesla Inc. tacked on 1.9%. The index’s biggest gainer was early-pandemic beneficiary Zoom Video Communications Inc.’s stock , which rose 7.8%. Meanwhile, the Dow Jones Industrial Average slumped 279 points, or 0.9%, and the S&P 500 declined 0.9%.

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