Wall Street Drops as HighFlying Tech Stocks Retreat


March 3 Reuters The Nasdaq ended sharply lower on Wednesday after investors sold highflying technology shares and pivoted to sectors viewed as more likely to benefit from an economic recovery on the back of fiscal stimulus and vaccination programs.

Microsoft Corp, Apple Inc and Inc dropped more than 2, weighing more than any other stocks on the SP 500.

The SP 500 financial and industrial sector indexes reached intraday record highs. Most other SP 500 sectors declined.

Today is the perfect encapsulation of the big theme weve been seeing in the past couple of months The vaccine rollout is going well and the economy improving, and that is sending yields and rate expectations higher, which is hurting growth stocks, said Baird investment strategist Ross Mayfield, in Louisville, Kentucky.

The Dow Jones Industrial Average fell 0.39 to end at 31,270.09 points, while the SP 500 lost 1.31 to 3,819.72.

The Nasdaq Composite dropped 2.7 to 12,997.75. That left it at its lowest since early January and reduced its gain in 2021 to less than 1.

The U.S. economic recovery continued at a modest pace over the first weeks of this year, with businesses optimistic about the months to come and demand for housing robust, but only slow improvement in the job market, the Federal Reserve reported.

While the vaccine distribution is expected to help the economy, data showed U.S. private employers hired fewer workers than expected in February, suggesting the labor market was…

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