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Nasdaq halts 3-session skid as tech rally powers stock-market gains

U.S. stocks ended mostly higher Wednesday in post-holiday
trade, powered by gains in technology, health-care and
financial shares. Trading marked the first full session in July
and follows holiday-shortened trade on Monday, with markets
closed Tuesday in observance of Independence Day. The Dow Jones
Industrial Average

DJIA,
-0.01%

finished flat at 21,479, the S&P 500 index

SPX,
+0.15%

climbed 0.2% to finish at 2,433. Meanwhile, the
Nasdaq Composite Index

COMP,
+0.67%

enjoyed the best performance among the benchmarks
on the day, advancing 0.7% at 6,150, after closing in the red
in the past three sessions. A popular tech-fund, the Technology
Select Sector SPDR ETF

XLK,
+0.98%

ended 0.9% higher. Bears have fretted that brisk
gains in the tech sector have left it vulnerable to a selloff.
Wednesday’s moves follow a release of minutes at 2 p.m. Eastern
from the Federal Reserve, which signaled the central bank’s
intention to start to shrink its $4.5 trillion balance sheet as
early as September. Reducing its balance sheet, accumulated
during the 2008-’09 financial crisis, can serve as an
additional tightening as the Fed aims to normalize monetary
policy. Meanwhile, U.S. crude-oil prices

CLQ7,
-4.33%

settled more than 4% lower, snapping an 8-session
rally. Lower oil prices weighed on energy-related stocks,
including Chevron Corp.

CVX,
-1.59%

and Exxon Mobil Corp.

XOM,
-1.55%

In corporate news, shares of Tesla Inc.

TSLA,
-7.27%

tumbled into correction territory in the wake of
downbeat deliveries data. Shares ended down 7.2%.

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