Shares of technology companies rallied as fears about rising Treasury yields abated.
The tech sector has been sensitive to shifts in Treasury yields because of valuation concerns and investment-risk calculations.
Facebook said it's suspending Donald Trump's accounts for two years, formalizing a long-term penalty for the former U.S. president after its independent Oversight Board said the company was wrong to keep the ban open-ended. That was minutes before the Tesla chief executive tweeted breakup memes with "#bitcoin" and a broken-heart emoji. Bitcoin's price slid to $36,417, a far cry from the record $64,802 it traded at in mid-April.
The price of the digital currency has also faced pressure because of regulatory risks, according to one strategist. "You hear officials discuss regulation and there's one other element and that is the cyber-attacks on American companies and the culprits wanting to be paid in crypto," said Quincy Krosby, chief market strategist at Prudential Financial.
Tech-focused Alpine Investors is seeking $1.7 billion for its eighth fund, a goal that would make the fund the firm's largest yet, according to people familiar with the fundraising effort.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
06-04-21 1730ET
