Tech stocks sold off stateside on Wednesday as financials rose. The Dow Jones industrial average closed at a record high as investors focused on momentum in the U.S. economy. The second estimate for third-quarter GDP was revised to 3.3 percent from 3 percent. It was also above the 3.2 percent expected by markets.
The Dow rose 103.97 points, or 0.44 percent, to close at 23,940.68 and the S&P 500 closed 0.04 percent lower at 2,626.07. The Nasdaq composite underperformed other major U.S. indexes, falling 1.27 percent to end at 6,824.39 as popular tech names recorded significant declines.
Yields on U.S. Treasurys moved higher as investors took note of better-than-expected GDP numbers and outgoing Federal Reserve Chair Janet Yellen’s remarks on the outlook for the U.S. economy. While Yellen on Wednesday acknowledged growth was broad-based, she also said she was “very worried” about the U.S. public debt trajectory.
In currencies, the pound hit a two-month high in the last session as negotiations between the U.K. and the European Union made progress. Sterling traded at $1.3411 at 6:45 a.m. HK/SIN after rising as high as $1.3447 on Wednesday.