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

|By:, SA News Editor

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%.