Stocks Pull Back From Record Highs As Big Tech Slides; Yields Retreat
NEW YORK: A gauge of global equity markets pulled back on Wednesday from the record high hit in the previous session as investors sold technology-related companies and the prospect of rising inflation tempered optimism around a vaccine-led global economic recovery.
Benchmark 10-year Treasury yields reached a one-year high to trade near pre-pandemic levels, before reversing course even as data pointed to a strengthening economy. The U.S. dollar gained ground against a basket of major currencies.
Data on Wednesday showed U.S. retail sales rebounded sharply in January after households received additional pandemic relief money from the government, suggesting a pick-up in economic activity after the restraints imposed by a fresh wave of COVID-19 infections late last year.
Other data showed inf ...