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5/4, 10:00 PM (Source: TeleTrader)
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Wall Street closes mostly lower, Nasdaq down 1.85%

Stocks on Wall Street closed mostly in the red on Tuesday with the Nasdaq 100 tumbling nearly 2% as tech shares suffered the most during today's session. The Dow Jones on the other hand managed to recover all of its losses after dropping over 300 points earlier in the day.

Investors were rattled by Treasury Secretary Janet Yellen's comments, in which she suggested massive government stimulus might lead to higher interest rates in order to prevent the economy from overheating. In other news, corporate earnings continued to pour in, with Lyft and T-Mobile set to report their respective results after the closing bell.

The Dow Jones closed 0.06% above the flatline as Dow, Inc. led the gains. Meanwhile, the S&P 500 lost 0.67% at the close with IPG Photonics plunging over 10% as the worst performer. The tech-heavy Nasdaq 100 sank 1.85%; drugmaker Moderna dropped 6.68%, while tech companies also suffered heavy losses, including Apple, whose shares were down 3.54% at the closing bell.

Breaking the News / JC