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Nasdaq Gains on Tech Stocks, Hopes for more Stimulus

NEW YORK, Feb 11 Reuters The Nasdaq eked out a modest gain on Thursday with investors betting on more fiscal stimulus, but U.S. President Joe Biden said China was poised to eat our lunch, a warning that tempered investor enthusiasm for a market near record highs.

Gains in Nvidia Corp and Intel Corp helped make technology the only sector on the SP 500 and Nasdaq to rise, with all others declining.

Biden told a group of U.S. senators in a meeting to discuss the need to upgrade U.S. infrastructure that the United States must raise its game in the face of the challenge from China.

The warning about China and Democrat plans to include raising the minimum wage to 15 in a 1.9 trillion stimulus package showed headwinds for investors could be on the rise, said Ed Moya, senior market analyst at OANDA in New York.

Markets are starting to get a little bit nervous over the relations between the West and China, Moya said.

Bidens first call late Wednesday with Chinas President Xi Jinping resurfaced all of the difficulties that were going to face this year in addition to the pandemic, he said.

The Democrats also are not in agreement on where they stand on the minimum wage, he said. This is dragging out stimulus talks.

Mastercard also rose after the creditcard company said it was planning to offer support for some cryptocurrencies on its network this year, joining a string of bigticket firms that have pledged similar support.

Bank of New York Mellon advanced after saying it had…

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