The rotation, away from tech stocks into economically sensitive cyclical stocks, drove up shares of industrial and financial blue chips like Boeing and Goldman Sachs, underscoring the outlook for a strong reopening of the U.

S economy.

Rising bond yields the benchmark Treasury note, hit its highest level since February of last year, reviving inflation concerns that hurt high growth tech stocks, denting the NASDAQ, which closed down 6/10 percent.

The Dow rose 9 10% and the S and P 500 inch to 10th percent higher for the week.

The three indexes made solid gains.

TANAKA GROWTH Fund manager Graham Tanaka says he's bullish about the outlook for equities.

We're encouraged because, of course, NASDAQ has had had its 10% correction.

That's quote unquote normal correction in a in a bull market.

Why is this bull market not over?

We believe we believe it's not over because it's very early in the economic recovery.

Among the NASDAQ's big decliners, Alta Beauty shares fell nearly 9%.

The cosmetic retailers annual revenue outlook disappointed investors extended stay at home policies hurt demand for its makeup products.

Novavax shares rose 8%.

The company said a late stage trial showed its Covid 19 vaccine was 96% effective in preventing cases caused by the original version of the coronavirus.