Nasdaq sheds more than 1% as tech stocks slide

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(CNBC) U.S. equities closed mostly lower on Thursday as declines in tech offset a rally in financial stocks, while investors digested economic data.

The Dow Jones industrial average rose about 70 points, with Goldman Sachs contributing the most gains. The S&P 500 fell about 0.4 percent, with information technology falling more than 2 percent while financials gained more than 1.5 percent.

“What we’re seeing here is a vicious rotation out of sectors that were leading before the election and into sectors that have led since,” said Adam Sarhan, CEO at 50 Park Investments. “The damage being done can’t be ignored.” “That type of rotation is not seen in young, healthy bull markets.”

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