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Reuters
S&P 500, Nasdaq falls as investors abandon tech heavyweight stocks
Netflix Inc, Amazon.com Inc, Facebook Inc and Microsoft Corp, which flourished from this year’s home shift and took Wall Street to new heights, extended Monday’s losses and curtailed the high-tech Nasdaq about 1%. Value-linked stocks, which tend to outperform as they emerge from a recession, gained 4%, while growth stocks fell 0.6%. Leading US indices reached new highs on Monday as data from Pfizer Inc’s late-stage COVID-19 vaccine study spurred bets on a rapid economic recovery next year.
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