Shares of technology companies also dropped.
And outside Seattle, a Microsoft employee is snapping up shares of technology firms and retailers.
Shares of technology companies, their earnings outlooks among the least clear, posted solid gains, with semiconductor stocks showing unusual strength.
The Nasdaq composite index climbed 67.37 points, or 4.6percentto to 1,532.10, on strength in shares of technology companies.
Shares of technology, financial and materials companies fell about 1 percent, while utilities stocks rose less than half a percent.
Mr. Stansky has reduced Magellan's technology stock holdings from 33.8percentt of the portfolio in August, as shares of technology-related companies have fallen.
Shares of technology companies tried to pull the markets higher, but losses in industrial companies, utilities and energy producers pushed it down.
A day after the Federal Reserve imposed its fourth interest rate increase since June, investors poured money into shares of technology companies to the exclusion of all other sectors.
Hank Herrmann, chief investment officer at Waddell & Reed in Overland Park, Kan., said buyers were seeking out shares of technology companies that are expected to post the strongest earnings growth.
Investors continued to sell shares of technology companies yesterday, sending the Nasdaq composite index plunging 258.25 points, or 5.8percentto to 4,188.20.
