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Tech stocks drive Nasdaq to six consecutive days of gains

U.S. stocks were affected Monday by some concern about reopening the economy too soon. File Photo by John Angelillo/UPI
U.S. stocks were affected Monday by some concern about reopening the economy too soon. File Photo by John Angelillo/UPI | License Photo

May 11 (UPI) -- Stocks closed mostly flat on Monday as tech stocks continued to rally but investors expressed concern about plans to reopen the U.S. economy.

The Dow Jones Industrial Average fell 109.33 points, or 0.45 percent, while the S&P 500 rose 0.013 percent and the Nasdaq Composite climbed 0.78 percent.

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The Nasdaq saw gains for six consecutive sessions, it's longest positive streak since December, fueled largely by rising tech stocks.

Facebook stock rose 0.39 percent, Netflix stock gained 1.14 percent, Amazon stock grew 1.24 percent, Alphabet stock climbed 1.39 percent and Apple increased 1.57 percent.

Rising tech stocks have also allowed the S&P 500 to rally 33 percent since March 23.

Experts say stocks were affected by concerns about reopening the U.S. economy too soon amid the coronavirus crisis. Officials in Wuhan, China, said Monday a new cluster of cases has been recorded there. Wuhan was the original epicenter of the outbreak.

Major stocks that would benefit from the economy reopening saw declines Monday as Disney fell 1.22 percent, United Airlines slid 5.70 percent and MGM Resorts dropped 6.06 percent.

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