Tech stocks take Nasdaq closer to record

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The tech-heavy NASDAQ was also 0.6 percent lower, ending at 7,839.

U.S stocks fell on Friday as a deepening crisis in Turkey dragged on bank stocks and triggered fears that it could spread to other global economies.

The VIX Volatility Index was higher at 13.20 for a gain of 1.93 points or 17.13%.

The Dow Jones Industrial Average .DJI fell 74.52 points, or 0.29 percent, to 25,509.23, the S&P 500 .SPX lost 4.12 points, or 0.14 percent, to 2,853.58 and the Nasdaq Composite .IXIC added 3.46 points, or 0.04 percent, to 7,891.78.

Microchip's shares fell 10.5 percent, the biggest decliner on the S&P, after it forecast disappointing second-quarter revenue.

S&P technology sector's 0.42 percent fall was led by chipmakers.

The S&P technology index fell 1 percent, with Intel down 2.8 percent after Goldman Sachs downgraded the stock to "sell".

Second quarter earnings are expected to increase 23.5 percent from the same period past year.

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The S&P 500 and Dow ended down slightly on Thursday as gains in Apple AAPL.O and Amazon AMZN.O were offset by losses in energy and financial shares.

The S&P 500 opened lower by 13.94 points, or 0.49 per cent, at 2,839.64.

"Investors are more comfortable with FAANG stocks and technology as far as valuations go, and these stocks have higher margins", Tom White, chief market strategist at TradeWise Advisors, in Chicago, Illinois, told Reuters. "You have banks losing because the 10-year U.S. Treasury (yield) came down".

Sinclair dropped 2.9 percent after Tribune Media dropped its $3.9 billion deal to be acquired by Sinclair and filed a lawsuit against the company for breach of contract.

Shares in leading USA banks also plunged significantly with Bank of America, Goldman Sachs, Morgan Stanley, and J.P. Morgan Chase all falling over one percent.

Shares of trade-sensitive companies declined, with Boeing, 3M and Caterpillar down between 2.3 percent and 4 percent.

Advancing issues outnumbered decliners by a 1.80-to-1 ratio on the NYSE.

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