Dow Adds to Gains; Tech Shares Retreat
(NEW YORK) — While it’s not a good idea to read too much into one day’s stock market move, tech investors paid close attention. The tech-heavy Nasdaq Composite took a hit following a Facebook announcement about a new search tool for its site.
The index closed down nearly seven points at 3,110.78. The Dow closed at 13,534.89, adding just over 27 points. The S&P gained 1.66 points to close at 1,472.34.
Facebook stock ended the day at $30.10 down 0.85 cents or nearly 3 percent.
Yelp, a company that may see its business suffer after Tuesday’s Facebook announcement, saw its stock tumble 6 percent. Now that Facebook is enabling users to share recommendations, Yelp — a search and review online service — may have its work cut out for it.
Google still managed to end the day up slightly with a 0.2 percent rise.
In an unrelated move, Apple stock has lost some of its luster lately. The stock closed at $485.92, down more than 3 percent for the day. This is first time Apple closed below $500 since February of last year.
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