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Stocks dropped on Friday afternoon, as gains made earlier in the day on hopes for diplomatic progress between Russia and Ukraine turned to losses. Technology stocks were hit particularly hard by higher bond yields. This provided opportunity to their linked entities to offload their shares at higher prices and make significant profits at the cost of unsuspecting retail investors. Artem Kliuchnikov and his family fled Ukraine just days before the Russian invasion. However, the perpetrators of such frauds are now adopting new methods and technologies to defraud the investors. For tech stocks, “the main thing is yields,” Essaye said.
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