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Earlier in February, both S&P 500 and Nasdaq soared to about five-month highs as Meta led a rally in the tech sector. However, the good times did not last long. Elevated valuations for overall US stocks, poor financial reports during earnings season, and rising interest rates left little room for future gains. Major indexes fell following the release of hotter-than-expected data on the labor market and consumer spending in mid-Feb.
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