Nasdaq rises but banks drag S&P, Dow lower

Wednesday, lifted by technology and biotech shares. But financials weighed down the Dow and S&P 500 on uncertainties about the Obama administration's proposed regulatory reforms and after Standard and Poor's cut debt ratings on 22 U.S. banks.

The Dow Jones industrial average dropped 7.49 points, or 0.09 percent, to close unofficially at 8,497.18. The Standard & Poor's 500 Index fell 1.26 points, or 0.14 percent, to end unofficially at 910.71. But the Nasdaq Composite Index gained 11.88 points, or 0.66 percent, to finish unofficially at 1,808.06.

(Reporting by Rodrigo Campos; Editing by Jan Paschal)