Communications services companies fell as investors rotated out of fast-growing sectors, jettisoning winners as they braced for a bumpier course in the economic recovery.
Communications services, alongside most other stock-market sectors, were in the green when Federal Reserve Chairman Jerome Powell indicated that continued economic stimulus from the U.S. Congress would be critical to the continuation of the recovery, sparking a selloff.
Shares of Netflix, one of the leading gainers on the U.S. stock market since March, fell sharply as investors rotated into stocks and sectors that have lagged the rally so far.
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(END) Dow Jones Newswires
September 16, 2020 17:04 ET (21:04 GMT)Copyright (c) 2020 Dow Jones & Company, Inc.