The US markets ended mostly lower on Wednesday as technology stocks continued their downside move during the day. The tech-heavy Nasdaq touched its lowest closing level in over a month. However, Dow Jones witnessed recovery during trading on Wednesday. Traders took note of report released by the Institute for Supply Management (ISM) showed its reading on U.S. service sector activity came in unchanged in the month of January. The ISM said its services PMI came in at 53.8 in January, unchanged from a revised reading in December. A reading above 50 indicates growth in the sector. The street had expected the services PMI to edge down to 53.5 from the 54.4 originally reported for the previous month.
On the sectorial front, computer hardware and networking stocks also showed considerable weakness, resulting in the steep drop by the Nasdaq. Besides, pharmaceutical stocks saw significant strength in a day, driving the NYSE Arca Pharmaceutical Index up by 3.1 percent.
Nasdaq decreased 350.60 points or 1.51 percent to 22,904.579 and S&P 500 fell 35.09 points or 0.51 percent to 6,882.72, while Dow Jones Industrial Average rose 260.31 points or 0.53 percent to 49,501.3.
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