Stock selloff accelerates into the close

Stocks ended at session lows, dragged down by concerns over what stronger than expected U.S. growth might mean for Fed policy as a better than expected headline Q3 GDP reading fostered renewed speculation about a potential tapering announcement coming sooner rather than later.

Early gains sparked by a surprise rate cut from the European Central Bank quickly gave way to profit-taking, which accelerated into the close.

The Nasdaq shed nearly 75 points, or 1.9%, weighed down by a disappointing Q3 report from Qualcomm and extended weakness from momentum names such as Tesla, Facebook and LinkedIn.

Observers have been pointing to the divergence between the Dow and S&P, which both hit new highs early in the day, and the outsized declines in the Russell 2000 and Nasdaq in recent sessions.

Treasury prices rose, pushing the benchmark 10-year yield down 4 bps to 2.61%.

Comments (10)
  • jammerculture
    , contributor
    Comments (402) | Send Message
    I love it, economy is doing well, better then expected so obviously its a good time to sell.
    7 Nov 2013, 05:12 PM Reply Like
  • The Fox
    , contributor
    Comments (829) | Send Message
    Economy is doing well. have been drinking the Kool Aid. Take away QE and watch what happens. The "growth" is a sham.
    7 Nov 2013, 06:08 PM Reply Like
  • al roman
    , contributor
    Comments (18329) | Send Message
    Go long in quality American Blue chip Aristocrats.
    You work to hard otherwise,your goals are honorable.
    7 Nov 2013, 07:37 PM Reply Like
  • Patent News
    , contributor
    Comments (1475) | Send Message
    twitter 1000? lol
    7 Nov 2013, 09:47 PM Reply Like
  • mitrado
    , contributor
    Comments (2033) | Send Message
    Economy is going so well that, for the first time in a decade, I've spent my holidays home playing PS3.


    Economy is so strong that, for the first time ever, I won't buy X-Mas presents for most of my family members.


    Economy is so marvellous that I'm moving to another apartment, so i'll be able to save €25 per month.


    You need anymore examples?
    8 Nov 2013, 05:19 AM Reply Like
  • filipo
    , contributor
    Comments (4662) | Send Message
    Economy is doing so well that global pollution is at record numbers.
    I think I'll take the bike next time I go to the mall.
    8 Nov 2013, 09:03 AM Reply Like
  • phdinsuntanning
    , contributor
    Comments (1356) | Send Message
    told you before the solution is there: reduce the US government expenditure and the US GDP starts growing faster immediately
    7 Nov 2013, 06:02 PM Reply Like
  • Andre Waldron
    , contributor
    Comments (298) | Send Message
    It's a stunning indictment of the U.S Economy when stronger than expected U.S Growth could be considered bad news due to a potential tapering announcement.
    Obviously, investors are afraid (and rightfully so) that the potential tapering will show the real state of the U.S economy.
    7 Nov 2013, 09:22 PM Reply Like
  • C.N
    , contributor
    Comments (263) | Send Message
    dow has been up over 900 points last two months, looks like a starting point of a trim job. Just assemble good stocks and stay away from the bubble stocks.
    7 Nov 2013, 09:41 PM Reply Like
  • filipo
    , contributor
    Comments (4662) | Send Message
    I sold my US Trannies this week. I'm pleased with the 21% profit. Not that I expect a major US economic downturn, but profit taking has some merits. I think real economic growth will stay at around 1.1% which is not bad all things considered. It's the kind of muddle through economy Mauldin predicted when he wrote "Endgame". I ordered "Code Red", should be good.
    I stay miles away from the bubble stocks and eventually will buy some more KO. The weather can't stay bad all the time everywhere.
    I consider that tapering talk of US officials as a desperate try to make things look better than they are: "things are going sooooo well that we might consider tapering !"
    It has the advantage of keeping the markets out of the "irrational exhuberance"-zone though, which is good. I detest Twitter-frenzy: it makes the equity market even look more like a casino.
    8 Nov 2013, 04:52 AM Reply Like
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