Closing Bell: Tech Takes a Tumble to Spoil Nasdaq's Record Run; Facebook Stays Higher

The tech sector took a surprise turn lower this afternoon.
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The tech sector took a surprise turn lower this afternoon, dragging the Nasdaq and S&P 500 from records. The Dow Jones Industrial Average held higher, though, notching a new all-time closing high. Facebook Inc. (FB) - Get Report managed to hold onto gains on investor optimism over growth in advertising revenue. The social network also reported just over two billion monthly active users in the second quarter, a level it had never reached before. PayPal Holdings Inc. (PYPL) - Get Report also shook off the tech selloff after a solid three-month performance and a positive outlook for the full year. Transactions rose 23% over its recent quarter. Nordstrom Inc. (JWN) - Get Report was higher on reports the family is in talks with private-equity firms to take the company private. The department store is reportedly giving preferential terms to those which fund the purchase.