Economic worries struck down the Dow and S&P 500 on Tuesday but tech stocks edged higher on bets big tech players will continue to do well even if the economy slows.
The Dow dropped 269 points. The S&P 500 shed 15. The Nasdaq rose 10 points – that was just enough for a closing high.
Bitcoin had a rough day -at one point falling as much as 17 percent. The digital currency experienced growing pains after El Salvador rushed to iron out snags after becoming the first country to adopt bitcoin as legal tender.
Nick Colas of DataTrek Research wasn't surprised by the price drop.
“The reason it's down today is because we've seen this, I don't know, a dozen times, two dozen times. Bitcoin is a sell the news asset. Whenever anything is going to happen, it goes up. And when it does happen, it goes down. Whether it be Coinbase's listing or the original contract futures listing, back in 2017, you get a big run up into a news item and it always sells off afterward. And today is no different.”
Bitcoin was down to the $46,000 area in late U.S. trading.
In corporate news:
Apple is sticking to tradition. It sent out invitations to a special event on September 14. Most industry watchers expect a new line of iPhones to be unveiled. Apple has delivered new iPhones around this time every year since 2013. Shares of Apple touched an all-time high - gaining 1-1/2 percent.
Intel said it could invest as much as roughly $95 billion in Europe over the next decade to boost chip capacity in the region. The investment includes plans to open a semiconductor plant in Ireland to supply the auto industry. Shares of Intel were up slightly for the day.
But on the downside - Boeing. The U.S. planemaker is facing a stand off with Ryanair, one of its biggest customers. The two are sparring over the purchase price for an order of 737 MAX jets, worth tens of billions of dollars. Shares of Boeing were down nearly 2 percent.