Chip stocks lift Nasdaq as Apple drags on Dow
The Nasdaq rose 0.8% and the S&P 500 0.4% on Election Day as chipmakers rebounded, while a drop in Apple shares pulled the Dow down 0.4%.
U.S. stocks ended mixed on Tuesday as technology companies bounced back from recent losses while investors waited for the midterm election results.
The Nasdaq composite rose 0.8% and the S&P 500 gained 0.4%, ending a three-day losing streak for the broader index. Chipmakers led the way, with shares of companies such as Nvidia, Broadcom and AMD rising.
The Dow Jones Industrial Average fell 0.4%. Apple, one of the Dow's biggest weights, dropped about 2% after the iPhone maker forecast weaker profit margins than expected and reported iPad sales below analysts' estimates.
Oil prices fell for a second day on hopes for progress in talks between the United States and Iran. Brent crude, the international benchmark, slipped about 1% to settle at $103.60 a barrel, after a sharp drop on Monday.
Treasury yields rose after a government report showed more job openings than expected in September, a sign that the labor market is still holding up. Investors are now weighing what a Democratic-controlled Congress could mean for taxes, spending and regulation.
This summary is original reporting by tehworldnews, written after checking the facts against several major international news outlets and official statements.