Technology shares sink broader market although Dow has gain
Damian J. Troise and Alex Veiga
The Associated Press
Technology companies dragged indexes lower on Wall Street Tuesday, pulling the market further from its recent all-time highs.
The S&P 500 fell 0.7%, erasing its gains from last week. Big technology companies like Apple and Microsoft fell as the sector declined for the sixth straight day. Losses in communications stocks and companies that rely on consumer spending also weighed on the market, offsetting gains by financial, industrial and materials stocks. Treasury yields fell slightly.
Investors continue to focus on corporate earnings and on gauging the economic recovery’s progress. Earnings and most economic indicators have been signaling a steady improvement, but investors remain concerned about the lingering threat from COVID-19, inflation and other factors that could crimp progress.
Dollar Gains Against Other Major Currencies
OTTAWA (dpa-AFX) - The U.S. dollar gained ground against its major rivals on Tuesday, after Federal Reserve Chairman Jerome Powell said that U.S. economic outlook has clearly brightened amid faster vaccination rates and fiscal stimulus.
Powell however cautioned that the economy is not out of the woods yet and added, While the recovery is gathering strength, it has been slower for those in lower-paid jobs.
The central bank is focused on these longstanding disparities as they weigh on the productive capacity of the economy, he added.
U.S. Treasury Secretary Janet Yellen said in an interview that the Federal Reserve may have to hike interest rates to keep the economy from overheating.
U.S. Dollar Higher On Fed Optimism
CANBERA (dpa-AFX) - The U.S. dollar gained ground against its major rivals on Tuesday, after Federal Reserve Chairman Jerome Powell said that U.S. economic outlook has clearly brightened amid faster vaccination rates and fiscal stimulus, but cautioned that the economy is not out of the woods yet. While the recovery is gathering strength, it has been slower for those in lower-paid jobs, Powell said at a National Community Reinvestment Coalition event on Monday.
The central bank is focused on these longstanding disparities as they weigh on the productive capacity of the economy, he added.
Maarten Verwey, Sven Langedijk, Robert Kuenzel
The Action Plan released by the European Commission on 3 March 2021 proposes three headline targets following the principles set out in the 2017 European Pillar of Social Rights (EPSR). The first headline target proposes that the employment rate of the 20-64 be increased to 78%, from 72.5% in 2020. In line with this, the gender employment gap should be halved, and the share of young people not in employment, education or training (NEETs) reduced to 9%, from 12.6% in 2019.
Aiming to revive the employment agenda in the EU through concrete targets is a valuable move. The pandemic has led to major distortions in the labour market and added debt burden to the public purse. Tapping into the job growth potential of countries long mocked for their ‘inactivity traps’ could bring much welcome welfare and fiscal gains. Besides, the Commission’s plan to achieve this goal suggests a return to the concept of ‘social policy as a productive