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 December 6, 2017 - 4:38 PM EST
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NASDAQ Higher as Tech Rises

NASDAQ Higher as Tech Rises

Tech stocks rose on the back of gains in Facebook. The rest of the market took a pause as investors awaited more details on what the final tax overhaul from Congress will look like.

The Dow Jones industrials lost 39.73 to 24,140.91, despite with Microsoft rising 1.5%.

The S&P 500 fell 0.30 points to 2,629.27, as information technology rose 0.8%, while energy lost 1.3% amid falling oil prices. Tech stocks posted consecutive gains after being pressured over the past week.

The NASDAQ recovered 14.16 points to 6,776.38, as Facebook share gained nearly 2%. Evercore ISI initiated Facebook with an outperform rating. Analyst Anthony DiClemente said Facebook will lead the "FANG" stocks higher in 2018.

In corporate news, drone maker AeroVironment shares hit an all-time high after the company posted strong quarterly sales.

Meanwhile, OSI Systems plunged nearly 30% after famed short seller Carson Block called the company "rotten to the core."

Companies reporting earnings Wednesday include H&R Block Inc., Brown Forman Inc., and NCI Building Systems Inc.

Financials, one of the sectors that would theoretically benefit greatly from lower corporate taxes, have been on a tear recently. The sector is up 1.4% over the past week. Tech, meanwhile, is down more than half a percent in the same period.

Prices for the benchmark 10-year Treasury note gained small ground, lowering yields to 2.34% from Tuesday's 2.35%. Treasury prices and yields move in opposite directions.

Oil prices deleted $1.65 a barrel to $55.97 U.S.

Gold prices gained $1.70 to $1,266.60 U.S. an ounce.


Source: Livemoney US Market Commentary (December 6, 2017 - 4:38 PM EST)

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