Nasdaq closes above 17,000; S&P 500 slightly higher, Dow down
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The Nasdaq crossed 17,000 for the first time ever on Tuesday, boosted by gains in Nvidia, while the S&P 500 closed barely higher and the Dow ended lower as Treasury yields rose. Nvidia jumped 7% and boosted shares of other chip stocks as traders returned from a holiday-extended weekend. An index of semiconductors rose 1.9%. S&P 500 technology led gains among sectors, while healthcare was the biggest decliner along with industrials. Stocks lost ground in afternoon trading as U.S. Treasury yields climbed to multi-week highs after weak debt auctions. "We had two disappointing results and we saw yields climb and the (stock) market respond negatively," said Quincy Krosby, chief global strategist, LPL Financial in Charlotte, North Carolina. "The market doesn't want to see yields edging up... to a level that perhaps threatens the economy and the consumer and thwarts the (Federal Reserve)'s time table for easing....