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Markets Right Now: Tech stocks slump, but Dow sets new high

Posted June 9

The latest on developments in financial markets (All times local):

4:00 p.m.

Technology stocks slumped on Wall Street but energy companies and banks rose sharply, leaving indexes uneven at the close of trading.

The Dow Jones industrial average managed to close at another record high Friday, thanks to gains in Goldman Sachs and Chevron, which made up for a big drop in Apple.

Small-company stocks did better than the rest of the market. The Russell 2000 set another record.

Tech stocks, which have done far better than other industries this year, fell sharply. Apple lost 4 percent and Facebook gave up 3 percent.

The Standard & Poor's 500 index slipped 2 points, or 0.1 percent, to 2,441.

The Dow Jones industrial average rose 89 points, or 0.4 percent, to 21,271. The Nasdaq composite dropped 113 points, or 1.8 percent, to 6,207.

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11:45 a.m.

U.S. stocks moved higher in midday trading, pushing indexes further into record territory.

Banks and other financial stocks led the gainers Friday. Energy companies also rose.

Comerica gained 2.4 percent, while Chesapeake Energy increased 4.3 percent.

The pound slumped after Britain's ruling Conservatives lost their majority in Parliament.

The Standard & Poor's 500 index rose 10 points, or 0.4 percent, to 2,443.

The Dow Jones industrial average rose 100 points, or 0.5 percent, to 21,283. The Nasdaq composite was little changed at 6,320.

Small-company stocks rose more than the rest of the market. The Russell 2000 gained 17 points, or 1.3 percent, to 1,433.

Bond prices fell. The yield on the 10-year Treasury note rose to 2.22 percent.

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9:35 a.m.

Banks and energy stocks are leading U.S. indexes higher in early trading on Wall Street.

Comerica gained 2.1 percent shortly after the opening bell Friday, while Chesapeake Energy increased 2 percent.

The pound slumped after Britain's ruling Conservatives lost their majority in Parliament.

The Standard & Poor's 500 index rose 3 points, or 0.2 percent, to 2,437.

The Dow Jones industrial average rose 45 points, or 0.2 percent, to 21,227. The Nasdaq composite was little changed at 6,320.

Bond prices fell. The yield on the 10-year Treasury note rose to 2.22 percent.

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