REUTERS: The Nasdaq index fell in choppy trading on Wednesday as investors continued to sell technology-related stocks, while the S&P 500 and the Dow Jones were supported by cyclical shares on hopes of a quicker economic recovery.
Value-oriented stocks have enjoyed a bit of a bounce recently, with the S&P 500 Value index rising for the fourth straight day. Tech stocks are particularly sensitive to rising yields as their value rests heavily on future earnings, which are discounted more deeply when bond returns go up.