US STOCKS-Wall St pulls back on Yellen's comments on valuations

martes 15 de julio de 2014 14:12 GYT

* Yellen, Fed policymakers: Some U.S. stock valuations 'stretched'

* JPMorgan, Goldman shares rally after earnings

* Fund managers see stocks overvalued, buying anyway -BofA

* Dow off 0.1 pct; S&P 500 down 0.2 pct; Nasdaq off 0.5 pct (Updates to afternoon)

By Angela Moon

NEW YORK, July 15 (Reuters) - U.S. stocks fell on Tuesday after Federal Reserve Chair Janet Yellen and her fellow Fed policymakers raised concerns about "substantially stretched valuations" in some sectors.

In the monetary policy report accompanying her congressional testimony, Yellen said that "equity valuations of smaller firms as well as social media and biotechnology firms appear to be stretched."

The Russell 2000 small-cap index dropped 0.8 percent and the Global X Social Media ETF slid 0.9 percent. Facebook shares tumbled 0.8 percent to $67.34. Twitter Inc shares slipped 0.4 percent to $38.16.   Continuación...