Tech stocks fell again today, turning the tide of an earlier market rally to result in a red day for U.S. stocks. “We continue to see this churning of the market and rotation out of hyper-growth names into value,” Walter Todd, chief investment officer at Greenwood Capital Associates LLC, said. “You see strength in the morning as people try to see if there’s going to be a breakout, and when that doesn’t occur, you see selling come in the afternoon.”
Technology Shares Fall, Erase Earlier Market Gains
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