Tech-heavy Nasdaq tumbles; Dow gains as Democrats hold lead in Georgia runoffs

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The tech-heavy Nasdaq Composite fell sharply Wednesday after Democrats appeared on the brink of taking control of the Senate, raising the threat of increased regulation. The Nasdaq dropped 145.29 points, or 1.1%, to 12,673.67, while the Dow Jones Industrial Average fell 24.80 points, or 0.1%, to 30,366.80. The S&P 500 was down 15.12 points, or 0.4%, at 3,711.74. A pair of runoff elections in Georgia saw Democrats flip one seat, while a second appeared too close to call, though the Democratic challenger held a narrow lead. A sweep would give Democrats, who already hold a majority in the House, control of the Senate as President-elect Joe Biden prepares to take office on Jan. 20. A Democratic sweep is also seen as a potential catalyst for a broad rotation away from tech- and internet-related large-cap stocks that dominated the market’s 2020 rally toward more cyclical sectors.
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