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Techs boost S&P and Nasdaq to records, but banks limit gains


By Sruthi ShankarREUTERS - A surge in technology stocks sent the S&P 500 and the Nasdaq to record highs on Friday, but the gains were kept in check by a drop in banks as Wells Fargo missed revenue estimates for a fourth straight quarter.Wells Fargo tumbled 3 percent, set for its biggest drop since mid-April, adding to the pressure on bank stocks after results from JPMorgan and Citigroup on Thursday stoked concerns about consumer credit.Bank of America, however, bucked the trend, rising 0.5 percent after the lender's profit topped estimates due to higher interest rates and a drop in costs.The ...

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First Published: Fri, October 13 2017. 19:51 IST