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Tech lifts Nasdaq, S&P to record; IBM weighs on Dow

(Reuters) - The Nasdaq and the S&P were trading at record levels in early afternoon on Wednesday, powered by technology stocks, while gains on the Dow were capped by a sharp drop in shares of IBM.

IBM (IBM.N) fell 4.7 percent to a one-year low after the company's quarterly revenue came in below expectations. The stock was the biggest drag on the Dow and the S&P 500.

The S&P tech sector has been the best performing sector this year despite concerns about stretched valuations as investors look for growth sectors immune to policy uncertainties.

"At least in the second quarter and for the next quarter technology is the only sector that will see double-digit growth," said Tom Cassidy, chief investment officer at Univest Wealth Management Division.

"If you look at the sector, it isn't all that overvalued compared to the broader S&P index...


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