Business

Stocks Fall on Fine Print from Yellen

Fed Chair Janet Yellen may have been testifying to Congress on the economy, but it was her written report, saying the Fed is concerned about "substantially stretched valuations" in some sectors that hit the stock markets. Specifically the Fed report said "Equity valuations of smaller firms as well as social media and biotechnology firms appear to be stretched." That weighed on social media stocks that trade here at the nasdaq- where Facebook and Yelp were among the biggest losers.

Advertisement—Continue Reading Below

Share