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S&P 500 Briefly Tops 6,400 Before Retreating as Tech Rally Fails to Sustain Broader Market
S&P 500 Briefly Tops 6,400 Before Retreating as Tech Rally Fails to Sustain Broader Market
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BTCCSquare news:
The S&P 500 touched a historic intraday high above 6,400 before closing 0.4% lower, marking its third failed attempt this week to hold record territory. Early momentum from blockbuster tech earnings evaporated as healthcare and other sectors dragged indices into the red. Microsoft and Meta led gains with 4% and 12% rallies respectively, but UnitedHealth's 5% drop underscored the market's fragility.
Six of eleven S&P sectors finished negative despite Azure's $75 billion revenue milestone lifting Microsoft to a $4 trillion valuation. The Nasdaq pared early gains to close 0.1% lower, while the Dow Jones Industrial Average shed 283 points. Traders appear increasingly skeptical of earnings-driven rallies amid broadening sector weakness.
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