Scoreboard: Yellen caution

Janet Yellen's warning on stretched valuations in the social media and biotech sectors weighed on the tech-heavy Nasdaq, while the gold price slipped on a firmer US dollar.

The US Federal Reserve chair, Janet Yellen, has referred to stretched valuations for smaller stocks in social media and biotechnology sectors. Yellen also noted that the economy still needs support: "Although the economy continues to improve, the recovery is not yet complete." Yellen continued to highlight the considerable slack in the job market.

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Craig James

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