European Shares Drop on Lower Technology And Healthcare Stocks

European shares fell as investors sold off technology and healthcare and bought bank shares, after the Federal Reserve (US Central Bank) unveiled a new framework for its policy.

The pan-European STOXX 600 index fell 0.6%. Technology stocks, which have risen nearly 11% since the start of the year, fell 1.1% and healthcare shares fell 0.8%.

Shares of banks, which are affected by interest rates, rose 0.3%.

Fed Chairman Jerome Powell announced a new policy framework for the bank on Thursday, which focuses on boosting economic growth and to a lesser extent on concerns about the possibility of inflation rising too much.

Norwegian Airlines fell 8.6% after the low-cost airline said it still needed more cash in order to confront the Covid-19 pandemic, as the company announced a big loss in the first half of 2020.