Tech Tumbles Again But Dow, S&P Rise
Shares of young technology companies fell further out of favor with investors, extending a two-month-long decline and sending the Nasdaq Composite Index to its third retreat in four sessions.</br></br>The slide has been most pronounced among shares of firms that had been market favorites earlier this year because of anticipated strong revenue growth. Twitter finished 3.7% lower at $30.66, a day after its shares tumbled 18% as early investors in the company were freed from restrictions on selling the stock following last year's IPO. The Global X Social Media Index exchange-traded fund is down 23% in the year to date.</br></br>Wednesday's tech selloff marks the latest shift among investors toward more-mature companies with lower valuations and more predictable business prospects. This so-called rotation has left the major averages largely flat for the year but within range of recent highs, while many individual shares have suffered significant drops.</br></br>The Nasdaq lost 13.09 points, or 0.3%, on Wednesday to 4067.67. The Nasdaq has fallen 6.7% from its most recent high hit on March 5.</br></br>Other stock benchmarks gained broadly after Federal Reserve Chairwoman Janet Yellen gave a relatively upbeat outlook for the U.S. economy, but said her optimism hadn't changed the Fed's plans to keep short-term interest rates near zero for the foreseeable future.