Tech Selloff Sweeps Across Stocks; Dollar Climbs: Markets Wrap
- Apple, Tesla, Amazon.com pace slide in megacap companies
- Yellen says she is not predicting or recommending rate hikes
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Volatility gripped financial markets as a rout in some of the largest tech companies dragged down stocks. The dollar rose.
Megacaps such Apple Inc., Tesla Inc. and Amazon.com Inc. sent the Nasdaq 100 slumping, while the S&P 500 pared losses amid gains in commodity, financial and industrial shares. Treasury Secretary Janet Yellen rattled markets with a comment economists regarded as self evident -- that rates will likely rise as government spending ramps up and the economy responds with faster growth. Later in the day, Yellen said she wasn’t predicting or recommending rate hikes.