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Nasdaq bounces from a key support

The Nasdaq 100 Index ended slightly lower, extending its losing streak to the longest since August 2019. In a positive sign for bulls, however, the tech-heavy gauge bounced off its 50-day moving average and almost erased a loss that had stretched to 3.5% shortly after trading began on Tuesday.

The reason: reassuring comments from Federal Reserve Chairman Jerome Powell, who voiced expectations for a return to more normal, improved activity later this year and said that higher bond yields reflected economic optimism, not inflation fears.

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