Sun, 28 Feb 2021

U.S. stocks end mixed amid tech sell-off

Xinhua
23 Feb 2021, 07:55 GMT+10

NEW YORK, Feb. 22 (Xinhua) -- U.S. stocks finished mixed on Monday amid a noticeable pullback in the tech sector.

The Dow Jones Industrial Average rose 27.37 points, or 0.09 percent, to 31,521.69. The S&P 500 dipped 30.21 points, or 0.77 percent, to 3,876.50. The Nasdaq Composite Index shed 341.41 points, or 2.46 percent, to 13,533.05.

Six of the 11 primary S&P 500 sectors ended in green, with energy up 3.47 percent, leading the gainers. Technology dropped 2.26 percent, underperforming others.

U.S.-listed Chinese companies traded mostly lower with nine of the top 10 stocks by weight in the S&P U.S. Listed China 50 index ending the day on a downbeat note.

These market moves came as rising bond yields stoked worries that equities, particularly highflying tech shares, have grown too expensive.

The yield on the benchmark 10-year U.S. Treasury climbed to 1.36 percent on Monday, after jumping to its highest level since February 2020 last week.

For the week ending Friday, U.S. equities posted mixed results as Wall Street assessed the possibility of further fiscal stimulus, while sifting through a slew of economic data. The Dow logged a weekly rise of 0.1 percent, while the S&P 500 and the Nasdaq Composite fell 0.7 percent and 1.6 percent, respectively.

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