Nasdaq falls more than 1%

The US stocks ended mixed with tech and semiconductor stocks dragging the Nasdaq lower while select Dow components and defensives like gold miners and airlines advanced; bond yields eased to a three month low as jobless claims ticked up but remained historically subdued - SC The Nasdaq climbed well off its early lows but still slumped 273.69 points (1.2%) to 22,878.38. The S&P 500 also fell 37.27 points (0.5%) to 6,908.86 but the narrower Dow inched up 17.05 points or less than a tenth of a percent to 49,499.20.

Nvidia pulled back off their best closing level in over three months even though the company reported better than expected fiscal fourth quarter results and provided upbeat guidance. Nvidia helped to lead the semiconductor sector lower, as reflected by the 3.2% plunge by the Philadelphia Semiconductor Index. The index ended the previous session at a record closing high.

Networking stocks also showed a notable move to the downside, contributing to the slump by the tech-heavy Nasdaq. gold stocks surged despite a decrease by the price of the precious metal, driving the NYSE Arca Gold Bugs Index up by 2.9% to a record closing high. Airline stocks also saw significant strength on the day, resulting in a 2.3% jump by the NYSE Arca Airline Index.

The uptick by the Dow partly reflected a sharp increase by shares of Salesforce (CRM), with the customer service software maker spiking by 4.0% after reporting better than expected fourth quarter results.

A report released by the Labor Department showed a modest increase in first-time claims for U.S. unemployment benefits in the week ended February 21st. The Labor Department said initial jobless claims rose to 212,000, an increase of 4,000 from the previous week's revised level of 208,000.

Asia-Pacific stocks turned in a mixed performance. Hong Kong's Hang Seng Index slumped by 1.4%, while Japan's Nikkei 225 Index rose by 0.3% and South Korea's Kospi spiked by 3.7%. The major European markets all moved to the upside on the day. While the French CAC 40 Index advanced by 0.7%, the German DAX Index climbed by 0.5% and the U.K.'s FTSE 100 Index increased by 0.4%.

In the bond market, treasuries moved higher, more than offsetting the weakness seen in the previous session. Subsequently, the yield on the benchmark ten-year note which moves opposite of its price, fell 3.1 bps to a nearly three-month closing low of 4.01%.

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