NEW YORK (Reuters) - Technology shares buoyed the Nasdaq on Wednesday after positive broker comments on Qualcomm, but financial shares' losses held back the Dow and the S&P 500.
Banks were hurt by a broad debt ratings downgrade from Standard & Poor's and uncertainty over the government's extensive proposals for banking-industry reform. The KBW Bank index fell 3.3 percent.
Qualcomm was among the Nasdaq's leaders, up 3.8 percent at $45.09 after Goldman Sachs added the wireless technology supplier's stock to its "conviction buy" list.
Biotech companies also rose after Celgene Corp said its experimental anti-inflammatory drug was effective in a mid-stage study. Celgene rose 4.2 percent to $44.94.
Analysts said there were no surprises in President Barack Obama's plans to reshape financial regulation but uncertainty remained about the regulations' impact on the financial system and the wider economy.
"The reality is the government is going to create more costs for the financial industry and there's uncertainty in terms of what exactly those costs will be," said Rick Campagna, portfolio manager at Provident Investment Council in Pasadena, California.
"Because of the extra regulation, you probably end up having less leverage available to some financial institutions which, although (it) is a good thing systematically, creates lower return on equity across the board."
The Dow Jones industrial average fell 7.49 points, or 0.09 percent, to 8,497.18. The Standard & Poor's 500 Index was off 1.26 points, or 0.14 percent, at 910.71. The Nasdaq Composite Index gained 11.88 points, or 0.66 percent, to 1,808.06. more...
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