NEW YORK – The S&P 500 closed lower on Wednesday as optimism about the economic recovery by Federal Reserve Chair Jerome Powell and Treasury Secretary Janet Yellen was unable to halt a decline in technology shares for a second straight day.
The remarks by the top two U.S. economic officials mirrored what they told Congress the day before, with Powell saying on Wednesday the most likely case is 2021 will be “a very, very strong year.”
While the three major indexes closed lower, investors sold last year’s big performers, the technology shares that doubled the Nasdaq index from year-ago lows, and bought the underpriced value-oriented sto…
Keep on reading: S&P 500 slips as tech stocks pull market lower