Dow retreats from gains as tech rally loses steam
The Dow retreated from a portion of gains made from a previous session on Wednesday after a rally in the tech sector showed signs of losing steam.
The Dow Jones Industrial Average gained 0.47% (130 points), while the Nasdaq Composite lost 0.65%. The S&P 500 remained mostly unchanged.
The gains in tech stocks slowed after opening strong in the week, with Apple Inc’s shares seeing a slump of 2% in the day after it unveiled its new line of iPads and Apple watches. The slump in tech is attributed to the U.S. Federal Reserve’s policy decision which announced that it would keep its interest rates unchanged at 0.1% till 2023.