NEW YORK: The Nasdaq closed lower on Friday though well above its session low as selling eased late in the day after investors dumped heavyweight technology stocks due to concerns about high valuations and a patchy economic recovery.Advertisement
"You had a significant sell-off on Thursday, some follow-through in the morning and then we stabilized. The selling was pretty fierce," said Michael Antonelli, market strategist at Baird in Milwaukee. Nasdaq had powered the stock market's stellar recovery from the coronavirus-led crash, climbing as much as 82per cent from March lows while the benchmark S&P 500 and Dow had surged about 60per cent from their troughs.
"It wasn't wonderful enough to get the market excited enough that we don't need any more stimulus. On the other hand it wasn't weak enough to bring the two sides in Washington together to extend that stimulus package," he said.
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