Tech, transports drag on Wall Street; Dow hits record

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A swoon in technology and transportation shares led the S&P 500 slightly lower on Thursday on a day full of corporate earnings reports, but the Dow industrials set a record closing high, helped by a jump in Verizon.

The Dow Jones Transport Average, often looked at as a gauge of the economy's health, closed down 3.1 percent, dragged lower after a worrisome outlook from package delivery company United Parcel Service.

The transports fell to their lowest point in nearly two months as UPS rival FedEx also declined.

The S&P 500 technology sector was the worst performing major group, falling 0.8 percent even as Facebook shares gained 2.9 percent after the social media company's results.

Tech has been the best-performing sector this year, leading the S&P 500's 10.6 percent run in 2017.

After the bell, Amazon.com shares fell 2.7 percent after the e-commerce company's results. Amazon is the last of the high-flying companies known as "FANG" stocks to report this quarter.

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