Tech Stocks Lose $1.6 Trillion in Worst Streak in Six Months
- The Nasdaq 100 Index has slumped for three straight weeks
- Correction will take some froth off valuations: strategist
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The Nasdaq 100 Index capped a third straight week of declines that has shaved off $1.6 trillion in market value from high-flying technology stocks amid a rise in U.S. Treasury yields.
The slump eased Friday as the benchmark rose alongside the S&P 500 Index, gaining 1.6%. Still, the Nasdaq ended the week 1.9% lower, marking the longest streak of declines since September.