S&P 500 Tumbles: Tech Stocks Gain but Everything Else Falls
The S&P 500 index (SNPINDEX: ^GSPC) closed down 10 points, or about 0.3%, on Oct. 27 as stocks diverged into two groups: the tech stocks that went higher, and everything else that fell. Both the tech and communications sectors gained today, while every other sector closed lower. In total, 381 of the 503 stocks in the index closed lower today.
Today's biggest gainers -- no surprise -- were tech stocks. Xilinx (NASDAQ: XLNX) shares picked up 8.6% following the official announcement that Advanced Micro Devices (NASDAQ: AMD) was paying $35 billion to acquire its smaller rival. Shares of F5 Networks (NASDAQ: FFIV) gained 8.5% on earnings.
Companies reporting earnings led the charge lower. Shares of Franklin Resources (NYSE: BEN) fell 13.6% after the company announced quarterly results that failed to meet expectations. Joining Franklin on the slide lower were Dexcom (NASDAQ: DXCM), Raytheon Technologies (NYSE: RTX), and Eli Lilly (NYSE: LLY), all down 7% or more.
Source Fool.com
