Tech-led NASDAQ hits record as other markets close flat

Tech-led NASDAQ hits record as other markets close flat

The NASDAQ composite index closed at a record high on Wednesday, even as other markets erased earlier gains to close relatively flat.

The NASDAQ closed at a new high of 10,1055, up 96 points, or 1 percent.

But the Dow Jones Industrial Average, which opened the day with a 200-point jump, closed down 77 points, or 0.3 percent, while the S&P 500 remained slightly positive with a 15-point gain, or 0.5 percent.

Technology stocks have done relatively well during the COVID-19 pandemic, as people turn to tech to replace riskier in-person activities. Still worries remain that the markets remain in a relatively elevated position given the depth of the economic crisis that resulted from the pandemic.

Unemployment, while falling, remains at the highest level since World War II, and is expected to remain high at least through the end of this year, if not next.

Daily spikes in COVID-19 cases have broken new records in the U.S. and states ranging from California to Florida to New York have paused their re-openings, and in some cases reintroduced restrictions that had been lifted.

The death toll in the United States from the virus is approaching 128,000.