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Wall Street Close: Tech spared as broad stock market sell-off continues

Feb 26, 2021 22:42 GMTFXStreet News Tech stocks saw a modest recovery on Friday as long-term bond yields dropped sharply. The rest of the stock market remained under pressure, however. Focus next week will be on key US data releases, fiscal stimulus headlines and more remarks from Powell. US tech stocks saw a modest recovery on Friday, with the Nasdaq 100 finishing the session with gains of about 0.63%. Big Tech names Apple (+2.55%), Amazon (+1.86%), Facebook (+3.3%), Microsoft (+2.64%), Alphabet (+1.11%) and semiconductors stocks (SOX index +2.28%) all gained as long-term US bond yields plummeted in a sharp retracement of recent moves. Still, despite the modest Friday recovery, the Nasdaq 100 still had its worst month since October 2020, dropping 0.1% since the end of January and roughly 7% from February’s highs (set at the beginning of last week).

US Fed s Powell: Recovery incomplete, high inflation unlikely

Posted : 2021-02-24 10:41 Updated : 2021-02-24 10:41 Chairman of the U.S. Federal Reserve Jerome Powell listens during a Senate Banking Committee hearing on The Quarterly CARES Act Report to Congress on Capitol Hill in Washington, U.S., Dec. 1, 2020. Reuters Federal Reserve Chair Jerome Powell underscored the U.S. economy s ongoing weakness Tuesday in remarks that suggested that the Fed sees no need to alter its ultra-low interest rate policies anytime soon. The economic recovery remains uneven and far from complete, and the path ahead is highly uncertain, Powell said in testimony to the Senate Banking Committee. Powell s comments are in contrast to the increasing optimism among many analysts that the economy will grow rapidly later this year. That outlook has also raised concerns, though, about a potential surge in inflation and has fueled a sharp increase in longer-term interest rates this year.

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