Tech shares keep S&P at 4-year high

US stocks mostly fell yesterday, weighed by the energy services sector, but gains in technology shares buoyed the Nasdaq and helped keep the S&P 500 near four-year highs.

The benchmark S&P 500 index, up 11.6 per cent so far this quarter, found buyers at the 1,400 level, which has been held for five straight days. Support at that level suggests more gains in coming weeks.

The technology sector rose again, with the Nasdaq 100 technology index up 0.4 per cent for the day and up close to 18 per cent this year. It helped the broader Nasdaq Composite edge up for the day. A string of upbeat US economic data has fuelled the market’s surge.

The Dow Jones industrial average fell 45.57 points, or 0.35 per cent, to 13,124.62 at the close. The S&P 500 Index dipped 2.63 points, or 0.19 per cent, to 1,402.89. The Nasdaq Composite edged up 1.17 points, or 0.04 per cent, to 3,075.32.