Nasdaq hits correction, Dow advances as US stimulus Bill nears finish line
NEW YORK (REUTERS) - Technology-related shares sold off on Monday (March 8) in a big downturn that pushed the Nasdaq into corrective territory and offset stocks that rose on hopes the $1.9 trillion Covid-19 relief Bill will spur the US economy. The big technology stocks that have led Wall Street to scale successive peaks over the past year's rally fell with the Nasdaq closing down 2.41%, roughly 10.5% below its Feb 12 record close of 14,095.47. Financial shares and restaurant and travel-related stocks that are expected to do well when the economy reopens rose but were unable to offset the weight of the bigger tech shares that dominate the US stock market. After the legislation won US Senate approval on Saturday, President Joe Biden said he hoped for a quick passage of the revised coronavirus relief package by the Democrat-controlled House of Representatives so he could sign it and send $1,400 direct payments to Americans. Prospects of more government spending and faster economic growth have stoked fears of a spike in inflation, sending the benchmark 10-year Treasury yield to near one-year highs. US Treasury Secretary Janet Yellen, however, said on Monday the package would fuel a "v...
