Dow marks 2nd all-time high in a row but tech stocks weigh on broader market
The Dow Jones Industrial Average notched its second straight record close in succession, but declines in consumer-discretionary shares and technology weighed on the broader market. The Dow closed up 0.2% at 26,719 (on a preliminary basis). while the S&P 500 index fell by less than 0.1% to end at 2,929, and the technology-centric Nasdaq Composite Index ended down 0.5% at 7,986, contributing to a weekly decline for the index of 0.3%. Meanwhile, the Dow posted a weekly gain of 2.2%, representing its best weekly advance on a percentage basis since July, while the S&P 500 index logged a weekly climb of 0.8%. Investors have mostly ignored persistent evidence of escalating tensions between the U.S. and China-among other regions-on trade policy. President Donald Trump has announced nearly $500 billion in tariffs on Chinese goods this week; China retaliated with measures of its own and said it would introduce more if the U.S. tariffs take effect. Still, the week proved a banner one for the S&P 500 and Dow during a month that is meant to be traditionally weaker. Both the S&P 500 and Dow are set for sharp monthly gains, while the Nasdaq is on track for a 1.5% decline in September. In corporate news, shares of mega-capitalization companies Apple Inc. Facebook Inc. and Amazon.com Inc. ] and Google-parent Alphabet Inc. all finished sharply lower, weighing on the Nasdaq and S&P. Meanwhile, shares of Micron Technology Inc. sank a day after it reported strong quarterly results, though it gave an outlook that was below expectations.