The
US Federal Reserve has warned of "stretched valuations" in social
media and biotechnology firms as part of chair Janet Yellen's semi-annual
report in front of Congress.
The
warning sent US indexes down, with shares of social media firms such as Yelp
plunging.
In
prepared remarks, Ms Yellen also said that she thought the US economy continued
to improve.
However,
she warned of weakness in the housing market and slow wage growth.
In a
separate monetary policy report released as part of the Fed's semi-annual
testimony in front of Congress, the Fed wrote:
