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Stocks slide again, Nasdaq closes below 4,000 for first time since February

  • Stocks slumped to session lows in the final hour of trading, finishing with a second day of broad losses with the Nasdaq again bearing the brunt of the selling after failing to sustain early gains.
  • The S&P fell another 1% to 1,815, with all sectors closing lower, led by 1%-plus drops in tech, consumer discretionary, healthcare (which includes biotech, which fell 2.9%) and natural resources; Nasdaq fell another 1.3% (-3.1% for the week) to slide below 4,000 for the first time since early February. 3.
  • JPMorgan Chase tumbled 3.6% after Q1 earnings came in below expectations, and Gap fell 2.2% after reporting a drop in same-store sales.
  • Traders say volumes have remained lighter than might be expected given the size of the declines, allowing for some optimism despite the losses; "Money isn't leaving the market, it's just being reallocated," one CIO says. "Because we have an economy that's improving, we should find equilibrium fairly quickly."
  • The 10-year Treasury yield fell 2 bps to 2.62%.
Comments (4)
  • CarlRichard
    , contributor
    Comments (68) | Send Message
     
    2,525,000 eMinis is not light volume
    11 Apr 2014, 09:49 PM Reply Like
  • Chris Bersaw
    , contributor
    Comments (609) | Send Message
     
    Yes this spike in volume on the decline is significant, lot of sellers entering the market but no surprise the media says otherwise
    12 Apr 2014, 03:31 PM Reply Like
  • 11146471
    , contributor
    Comments (1045) | Send Message
     
    Traders say volumes have remained lighter than might be expected given the size of the declines, allowing for some optimism despite the losses; "Money isn't leaving the market, it's just being reallocated," one CIO says. "Because we have an economy that's improving, we should find equilibrium fairly quickly."

     

    That is a truly professional statement, that simply characterizes the situation now.
    12 Apr 2014, 09:25 AM Reply Like
  • Hoang6
    , contributor
    Comments (299) | Send Message
     
    Many things are on sale, period. Good or bad, depends on how you see things!
    13 Apr 2014, 09:10 PM Reply Like
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