Tech stocks lift Nasdaq, banks weigh on S&P 500, Dow

Published by
Reuters

By Devik Jain (Reuters) – The Nasdaq rose on Wednesday as technology stocks returned as market favorites amid concerns about rising inflation, while banking stocks slipped despite strong quarterly results from JPMorgan. Technology and communication services were among the few gainers among the 11 major S&P sectors. Mega-caps growth names including Facebook Inc, Amazon.com Inc, Google-parent Alphabet Microsoft Corp, and Tesla rose, while chipmakers added 0.5% after a three days of losses. A Labor Department report showed consumer prices increased solidly in September and are set to rise further…

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