S&P 500 Takes a Tech Tumble as GE and Oil Stocks Surge, but Apple, Facebook Overwhelm Winners
The S&P 500 Index (SNPINDEX: ^GSPC) closed down 15.7 points Wednesday, or almost 0.5%, ending a three-day streak of gains that started last Friday. Today's culprit was the usual recent suspect, with tech stocks falling sharply.
The Technology Select SPDR ETF (NYSEMKT: XLK), which tracks the tech stocks in the S&P 500, fell 1.4% today. This erased a day of huge gains for oil stocks, with the Energy Select Sector SPDR ETF (NYSEMKT: XLE) up 4.2% on a big oil-price surge. Financials and industrial stocks also gained today, albeit more modestly.
Today's biggest winners included General Electric (NYSE: GE), with shares up 10.7%, followed by independent oil producers Occidental Petroleum (NYSE: OXY) and Diamondback Energy (NASDAQ: FANG), both up around 8%.
Source Fool.com
