NEW YORK (Reuters) - The Dow and S&P 500 slipped on Tuesday as financial shares sank and on disappointing housing data, but the Nasdaq rose as investors snapped up technology shares ahead of results from Hewlett Packard (HPQ.N).
After a choppy session, financial shares fell as the U.S. Senate passed a bill to curb sudden credit card interest rate increases and hidden fees, a move that analysts said would hurt the profits of major credit card issuers.
"Anyway you look at it, it's less favorable for banks," said Stephen Massocca, managing director at Wedbush Morgan in San Francisco. "It's going to be more restrictive on interest rate raises," he said.
Shares of American Express (AXP.N) fell 5.1 percent to $24.79, while Capital One Financial (COF.N)fell 4.5 percent to $24.90. Shares in JPMorgan Chase & Co (JPM.N) were off 3.9 percent to $36.81.
The Nasdaq was cushioned from the worst of the losses, with big-tech stocks such as Apple Inc (AAPL.O), up 0.6 percent to $127.45, leading gains as investors snapped up shares in the technology sector ahead of results from Hewlett Packard.
The Dow Jones industrial average .DJI fell 29.23 points, or 0.34 percent, at 8,474.85. The Standard & Poor's 500 Index .SPX lost 1.58 points, or 0.17 percent, at 908.13. The Nasdaq Composite Index .IXIC added 2.18 points, or 0.13 percent, at 1,734.54. more...
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