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The Dow Jones Industrial Average closed lower by approximately 150 points, pressured by a sell-off in major tech stocks. This downward trend was further evidenced by the QQQ ETF, which declined by 0.4%, signaling broader institutional pressure on the technology sector. Despite the sector-wide weakness, Amazon shares rose 2.15% to reach $253.62 after Bank of America raised its price target, citing robust growth in the AWS cloud division. Furthermore, Amazon expanded its commitment to AI by investing up to $25 billion in Anthropic to develop advanced infrastructure. However, these gains were offset by declines in Microsoft and Salesforce as profit-taking swept through the market. Investors are now evaluating whether these massive AI investments can counter the broader valuation concerns currently impacting tech-heavy indices.
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