Nasdaq manages fifth straight record high close; S&P 500 ends barely lower

For the week, the Dow was down 0.5 per cent, the S&P 500 rose 1.6 per cent and the Nasdaq was up 3.2 per cent. ― Reuters picNEW YORK, June 15 ― The Nasdaq eked out a fifth straight record closing high yesterday following gains in Adobe and other technology-related shares, while the S&P 500 and Dow ended slightly lower.

“You've had a big rally this week, led by big-cap tech. Under the surface, we have a lot of areas acting weak,” said Adam Sarhan, chief executive of 50 Park Investments in New York. Investors are still trying to gauge how soon the Federal Reserve might be able to cut interest rates. A BofA Global Research report showed US value stock funds had US$2.6 billion of outflows, while investors poured US$1.8 billion into US growth stock funds in the week to Wednesday.

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