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Mixed night on Wall Street as investors move to value stocks

The S&P 500 ended up slightly and the Nasdaq fell on Monday (US time) as investors extended a rotation into value stocks from heavyweight tech-related names while awaiting news on progress in a US fiscal support bill.

The Nasdaq, which hit a record high every day of last week, was dragged lower by Microsoft, Amazon.com and Facebook. The Dow sharply outperformed the other two major indexes.

The Dow and S&P gained as investors moved from growth to value stocks.

The Dow and S&P gained as investors moved from growth to value stocks. Credit:AP

Unofficially, the Dow Jones Industrial Average rose 1.3 per cent, the S&P 500 gained 0.3 per cent and the Nasdaq Composite dropped 0.4 per cent. The Australian sharemarket is facing a flat start, with futures at 6.18am AEST pointing to a gain of 2 points at the open.

Value stocks, which tend to outperform growth coming out of a recession, have gotten a lift in recent days. The Russell 1000 value index rose, while the Russell 1000 growth index slipped.

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