Latest rise in bond yields drives tech stocks lower
NEW YORK (AP) – Stocks are mostly lower on Wall Street as technology stocks fell after spending most of the week holding steady or climbing. The move lower was once again caused by a rise in bond yields as the 10-year Treasury note’s yield jumped above 1.60%. The S&P 500 was down 0.2% in early trading. The Dow Jones Industrial Average was up 0.4%, lifted by bank stocks like JPMorgan Chase and Goldman Sachs. The technology-heavy Nasdaq was down 1.1%. Even with the modest losses, all three indexes are on pace to end the week up 2% or more.
WASHINGTON (AP) – A recent rise in wholesale prices moderated a bit in February after a record increase in January. The Labor Department says its producer price index, which measures inflation before it reaches consumers, increased by 0.5% last month after jumping 1.3% in January. But energy prices continued to surge, rising 6% last month after a 5.1% jump in January. Still, the smaller overall increase in February could calm fears that inflation is threatening to get out of control.
NEW YORK (AP) – A new poll from The Associated Press-NORC Center for Public Affairs Research finds that Black and Hispanic Americans are more likely than white Americans to have experienced job and other income losses due to the coronavirus pandemic. Those who have lost income are more likely to have found themselves in a deep financial hole. The poll finds that 62% of Hispanic Americans and 54% of Black Americans have lost some form of household income during the pandemic, including job losses, pay cuts, cuts in hours and unpaid leave. That compares with 45% of white Americans.
BERLIN (AP) – Officials in several European countries are pushing back against the decision by some others to pause their use of AstraZeneca’s coronavirus vaccine following sporadic reports of blood clots, despite a lack of evidence the shot was responsible. Germany’s health minister says the country takes reports of possible side effects from vaccines “very, very seriously.” But he added that both the European Medicines Agency and Germany’s own vaccine oversight body have said they have no evidence of an increase in dangerous blood clots in connection with the shots. Denmark was the first to temporarily suspended use of the AstraZeneca vaccine after reports of blood clots in some people. Norway, Iceland and Bulgaria have followed suit.
THE HAGUE, Netherlands (AP) – The inventor of the cassette tape, the medium of choice for millions of bedroom mix tapes, has died at the age of 94. Philips, the company where he also helped develop the compact disc, confirmed that Lou Ottens died Saturday. Ottens joined Philips in 1952 and was head of the Dutch company’s product development department when he began work on an alternative for existing tape recorders with their cumbersome large spools of tape. His goal was simple: make tapes and their players far more portable and easier to use.