JPMorgan Chase & Co.

Oil and banks lift the Dow to a new record high, but tech stocks dive

Oil and banks lift the Dow to a new record high, but tech stocks dive

Technology companies plunged Thursday, and high-dividend stocks took hefty losses as bond yields rose to their highest level in more than a year. But more big gains for blue-chip banking and oil stocks pulled the Dow Jones industrial average to a record high.

Big names such as Facebook and Oracle fell as tech firms took their biggest losses in two months. Rising bond yields pushed income-seeking investors away from real estate and utility companies. Healthcare stocks also slumped.

Banks continued to soar: Investors expect them to make bigger profits on loans as interest rates rise. Oil prices climbed for the second day after the countries of OPEC agreed to trim oil...

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