Dow slips as S&P and Nasdaq set records

Gains for several Big Tech stocks helped push the S&P 500 and the Nasdaq composite to more record highs on Wall Street Monday, even as weakness elsewhere in the market sent the Dow Jones Industrial Average and small-company stocks lower.

The S&P 500 added 19.42, or 0.4%, to close at 4,528.79 The Dow fell 55.96 points, or 0.2%, to 35,399.84 and the Nasdaq composite rose 136.39 points, or 0.9%, to 15,265.89.

The Russell 2000 index of small company stocks lost 10.70 points, or 0.5%, to 2,266.80. Both the Nasdaq and S&P 500 closed at alltime highs.

Technology stocks, which benefit from low interest rates, did much of the heavy lifting for the broader market. Apple rose 3%, while Amazon and Facebook each rose more than 2%.

Health care companies also had solid gains and helped lift the benchmark S&P 500. Banks stocks, which would benefit from higher rates, were the biggest drag on the overall market. Wells Fargo lost 2.8%.

Bond yields edged lower. The yield on the 10-year Treasury fell to 1.28% from 1.31% late Friday.

Energy prices were mixed as the the full impact of Hurricane Ida is still being assessed. The storm will likely take a toll on the energy, chemical and shipping industries that have major hubs along the Gulf Coast, but the impact on the overall U.S. economy should be modest so long as damage estimates don’t rise sharply and refinery shutdowns are not prolonged, economists suggested.

Crude oil prices rose 0.6%, while natural gas prices slumped 1.5% as Colonial Pipeline shut down deliveries in the south until it can assess damage from the storm.

Deal news helped lift several stocks.

Affirm soared 46.7% after the payments company announced a deal last week with Amazon to offer shoppers a buy-now-pay-later option that doesn’t involve credit cards.

Hill-Rom Holdings jumped 9.7% following reports that Baxter International is interested in buying the medical technology company.