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VOL. 45 | NO. 10 | Friday, March 5, 2021

Tech pulls stocks lower as bond yields continue upward march

The Associated Press

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Stocks turned lower on Wall Street as bond yields made another upward spike, renewing pressure on high-flying technology companies.

The S&P 500 fell 1.3% Thursday, its third straight loss. The Nasdaq pulled back 2.1%.

The losses came as the yield on the 10-year Treasury rose sharply during a question-and-answer session with Federal Reserve Chair Jerome Powell during which Powell said that any pickup in inflation in coming months would likely be temporary, disappointing investors who were hoping for a firmer stance against inflation.

The price of oil rose 4.2% after OPEC members agreed to leave most of their existing production cuts in place.

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