NEW YORK, Feb 17 Reuters The Nasdaq closed lower while the SP 500 was little changed on Wednesday as investors rotated out of technology shares and concerns about inflation added some pressure on stocks.
The Dow Jones Industrial Average rose, however, aided in part by gains in shares of Verizon Communications Inc and Chevron Corp, which gained after Warren Buffetts Berkshire Hathaway Inc disclosed major investments in the companies on Tuesday.
Technology shares led losses on the SP 500 and Nasdaq. Apple Inc, PayPal Holdings Inc and Nvidia Corp weighed most on both indexes.
Conversely, energy led gains among SP 500 sectors as a halt in Texas oil production boosted crude prices. A strong rebound in U.S. retail sales helped consumer discretionary stocks advance.
The SP 500 and the Nasdaq pared losses while the Dow added to gains after the release of minutes from the Federal Reserves January policy meeting.
All of the meetings participants supported the decision to maintain an accommodative monetary policy. The Fed has pledged to pin interest rates near zero until inflation rises to 2 and looks set to exceed that goal.
The market is accurately reflecting the combination of continued low interest rates and a continued accomodative Fed, said Oliver Pursche, president of Bronson Meadows Capital Management in Fairfield, Connecticut.
Yet the Feds accomodative stance, coupled with President Joe Bidens proposed 1.9 trillion package for pandemic relief, has some analysts…