U.S. Stocks Edge Higher; Yield Spike Hits Tech
Bloomberg
3/15/2021
Vildana Hajric
(Bloomberg) -- U.S. stocks eked out a record, though rising Treasury yields continued to weigh on technology stocks. The dollar jumped.
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The S&P 500 closed higher amid rallies in financial and industrial shares as the rotation into value shares resumed. The Nasdaq 100 Index gauge slumped after accelerating vaccinations in the U.S. and the passage of the $1.9 trillion pandemic-relief bill sent Treasury yields past 1.64%. The Dow Jones Industrial Average added to its all-time high.
“There’s been a little more volatility than usual, particularly because there’s a number of crosscurrents both tailwinds and headwinds,” said Michael Reynolds, investment strategy officer at Glenmede.