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Tech Recovery Proved Fragile With Index Down Again For Year

  • Nasdaq 100 sank 3.1% on Thursday, steepest drop in three weeks
  • The benchmark has erased 2021 gains twice in two weeks
Updated on

It’s been a rough ride for tech stocks this year.

In as little as two weeks, the Nasdaq 100 Index has erased its 2021 gains twice. The benchmark plummeted 3.1% Thursday, wiping out its rally for a second time as inflation concerns rattled investors, fueling a selloff in bonds and pummeling U.S. growth stocks. The index posted its worth month since March 8 relative to the S&P 500 Index, which fell 1.5%.