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NEW YORK (Reuters) - The blue-chip Dow powered to its fifth consecutive record high on Friday and the S&P 500 closed slightly higher as investors bought shares that should benefit from a strong reopening of the U.S. economy, an outlook signaled by rising yields in the bond market.
The tech-heavy Nasdaq tumbled after rebounding more than 6% over the past three sessions as the rising bond yields revived inflation worries and dulled the appeal of high-growth technology shares.
The S&P 500 and Nasdaq posted their biggest weekly percentage gains since early February after President Joe Biden signed into law on Thursday one of the largest U.S. fiscal stimulus bills and data reinforced convictions the economy was headed to a high-growth recovery.