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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.

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 Meta Platforms Inc. Class A 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 PayPal Holdings, Inc. 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 Nordstrom, Inc. 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.

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