Arab Today, arab today nasdaq falls more than 2 as momentum stocks tumble
Last Updated : GMT 21:09:51
Arab Today, arab today
Arab Today, arab today

Nasdaq falls more than 2% as momentum stocks tumble

Arab Today, arab today

Arab Today, arab today Nasdaq falls more than 2% as momentum stocks tumble

New York - AFP

The tech-rich Nasdaq Composite Index tumbled more than two percent in midday trade Friday in a sell-off that battered most of the sector. Around 1730 GMT, the Nasdaq sank 96.85 points (2.29 percent) to 4,140.89, near the session low of 4,131.03. The big drop came after the Department of Labor reported the US economy added 192,000 jobs in March, essentially meeting expectations and suggesting a continuation of the trend of slow but steady improvement in the recovery labor market. But analysts said the sell-off was spurred not by the jobs report or other news, but by the same negative sentiment that has hit tech and biotech names intermittently over the last two weeks or so. A recurring concern is that hot technology stocks like Facebook and Netflix are overvalued. "It's all been momentum," said Michael James, managing director of equity trading at Wedbush Securities. "As the stocks go lower and continue to go lower, portfolio managers have to react. They may not want to be selling stocks, but they can't allow this to keep going." Big drops came at Amazon (-4.7 percent), Google (-3.2 percent), Facebook (-4.0 percent), Netflix (-4.5 percent) and Biogen (-3.7 percent). Apple, the tech titan, lost 1.2 percent. The broader market also fell, but not as much. The Dow Jones Industrial Average lost 81.75 (0.49 percent) to 16,490.80, while the broad-based S&P 500 shed 15.77 (0.83 percent) at 1,873.00.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today nasdaq falls more than 2 as momentum stocks tumble Arab Today, arab today nasdaq falls more than 2 as momentum stocks tumble

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today nasdaq falls more than 2 as momentum stocks tumble Arab Today, arab today nasdaq falls more than 2 as momentum stocks tumble

 



Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Zainab Fadel Oglu designs “Shakerin” mosque

GMT 12:13 2017 Thursday ,11 May

Zainab Fadel Oglu designs “Shakerin” mosque
Arab Today, arab today Seeks to move past rift with Israel

GMT 08:00 2017 Monday ,08 May

Seeks to move past rift with Israel
View News in Arabic - Business: أسواق مالية
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Mozambique's gas boom dream under threat

GMT 16:29 2017 Monday ,08 May

Mozambique's gas boom dream under threat
Arab Today, arab today Prepares to give stargazers an eyeful

GMT 13:38 2017 Monday ,06 March

Prepares to give stargazers an eyeful
Arab Today, arab today Jaguar displays XF Sportbrake line

GMT 14:36 2017 Monday ,08 May

Jaguar displays XF Sportbrake line
Arab Today, arab today BMW sees forecasts in reach

GMT 09:04 2017 Thursday ,04 May

BMW sees forecasts in reach
Arab Today, arab today Climate science: Bad news gets worse

GMT 08:48 2017 Saturday ,06 May

Climate science: Bad news gets worse
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday