Business

US markets flat, except for tech stocks

NYSE traders Image copyright Reuters

Tech stocks closed higher, amid mixed US markets, as investors digested company results and a disappointing report on homebuilding.

The S&P 500 index shed 1.65 points to close at 2,400.67, while the Dow Jones Industrial Average dipped 2.40 points to 20,979.54.

But the tech-heavy Nasdaq hit 6,169.87, after firms such as Etsy made gains.

Shares of the online marketplace rose 22%, after two investment firms revealed stakes in the online retailer.

Stocks at several consumer goods firms slipped after reports of slower-than-expected sales.

TJ Maxx owner TJX saw shares slide 4%, while Dick's Sporting Goods stock tumbled nearly 14%.

There was some mixed economic data.

A Federal Reserve said industrial production increased 1% in April, its largest gain since February 2014.

But a report from the US Commerce Department housebuilding fell 2.6% in April compared with March.