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Nasdaq drops as investors shun techs for financials

US 10-year note and 30-year bond yields climbed to two-week peaks on the data and the encouraging comments


The Nasdaq Composite index fell more than 1 percent in midday trade on Wednesday as investors sold off technology stocks and moved into financials that have gained on strong economic data and comments from Fed officials on future rate hikes. The high-flying FAANG stocks - Facebook, Amazon, Apple, Netflix and Google parent Alphabet - fell between 2.3 percent and 5.3 percent. JPMorgan climbed 2.5 percent and Bank of America rose 2.7 percent, putting the S&P financial index on track for its best two-day gains in more than a year. Fed chair Janet Yellen said on Wednesday that a ...

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First Published: Wed, November 29 2017. 22:35 IST