Dow ends at fresh record; Nasdaq tumbles 1.4%

Strong gains by banking and industrial equities propelled the Dow to a fresh record Thursday, but an acceleration of the tech sell-off pushed the Nasdaq sharply lower.

The Dow Jones Industrial Average rose 0.4 percent to 19,191.93 almost 40 points above than the previous record set November 25.

But the Nasdaq dropped 1.4 percent to 5,251.11, and the broad-based S&P 500 shed 0.4 percent to 2,191.08.

The Dow was led by banking giant JPMorgan Chase and Goldman Sachs, which rose 2.0 percent and 3.4 percent, respectively. Industrial companies General Electric and Boeing gained 2.1 percent and 1.2 percent.

But the technology sell-off accelerated, with Facebook slumping 2.8 percent, Intel 2.7 percent and Tesla Motors 4.0 percent.

Technology shares have been volatile since the US presidential election, with some analysts fearing protectionist measures by President-elect Donald Trump could harm the industry.

Analysts also consider low or no-dividend stocks to be more vulnerable than blue chip companies to higher interest rates, which can boost the value of bonds. Most technology stocks do not pay dividends.

The yield on the 10-year bond rose sharply on Thursday.

Ford gained 3.9 percent after reporting that November US auto sales increased 5 percent to 197,574. GM, which reported a 10.2 percent gain in sales to 252,644, advanced 5.5 percent.

Dollar General slumped 5 percent after reporting that third-quarter net income fell 4.4 percent to $235.3 million. It described the shopping environment as challenging and said price deflation crimed sales.

United Technologies fell 0.2 percent after its Carrier air-conditioning unit struck a deal with Trump to keep about 1,000 jobs in Indiana in exchange for $7 million in tax incentives offered by the state of Indiana.