Dow closes at record high, tech falters as traders mull the impact of Biden’s stimulus

Dow closes at record high, tech falters as traders mull the impact of Biden’s stimulus




The Dow Jones industrial average closed at a record high on Friday while tech stocks fell as a rise in interest rates fueled a continued rotation into cyclical stocks poised to benefit from a reopened economy.

The yield on the 10-year US Treasury note spiked to 1.64% on Friday, representing a new cycle high since the COVID-19 pandemic began.

The spike in yields came after President Joe Biden signed his $1.9 trillion stimulus package into law, spurring inflationary concerns. Continued progress on…

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