Dow ends at record amid tech sell-off

New York - Retailers and financial companies were among the gainers on Monday while high-flying technology shares sold off on a mixed day for the broader market.

Analysts described the shift out of technology names as a reallocation after the sector's banner run. The move also reflects the expectation that many growth stocks are not the biggest winners under the massive tax plan now moving through Congress.

The Dow Jones Industrial Average finished up 0.2% at 24 290.05, a new record.

But the tech-rich Nasdaq Composite Index slid 1.1% to 6 775.37, while the broad-based S&P 500 dipped 0.1% to 2 639.44.

Banks gained, with JPMorgan Chase rising 2.1% and Bank of America 3.5%.

Retailers also were winners, with Macy's surging 6.7%, Lowe's 4.5% and Best Buy 3.7%.

But technology shares languished, as Amazon lost 2.4%, Facebook 2.1% and Microsoft 3.8%.  

Insurer Aetna shed 1.4% after agreeing to be acquired by drugstore chain CVS Health for $69bn in a move that would broaden the pharmacy's traditional functions to include clinics and more nuts-and-bolts health services.

CVS fell 4.6%. Both companies were put on watch for downgrades by S&P.

Disney shot up 4.7% on reports it was in talks to buy assets from 21st Century Fox and after its animated movie "Coco" led the box office last weekend.

Other media stocks also gained, including Comcast, which advanced 4.9% and Time Warner 1.5%.