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FILE - In this Oct. 14, 2020 file photo, pedestrians pass the New York Stock Exchange in New York. (AP Photo/Frank Franklin II, File) Previous Next
Thursday, February 25, 2021 4:30 pm
Tech rout pulls Nasdaq down 3.5%, biggest loss since October
DAMIAN J. TROISE and ALEX VEIGA | Associated Press
A rout in technology companies pulled the Nasdaq down 3.5% Thursday, the biggest loss for the tech-heavy index since last October. The S&P 500 gave up 2.4% and the Dow Jones Industrial Average lost a more modest 1.8%, a day after the blue chip index set a record high. A steady march higher in Treasury yields has been drawing money out of the stock market and leading investors to question whether the massive run-up in Big Tech valuations in recent months has been excessive. Bond yields are rising as investors anticipate more stimulus from Washington, greater economic growth and possibly a pickup in inflation.
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