Arab Today, arab today nasdaq pain spreads talk of correction grows
Last Updated : GMT 23:05:53
Arab Today, arab today
Arab Today, arab today

Nasdaq pain spreads, talk of correction grows

Arab Today, arab today

Arab Today, arab today Nasdaq pain spreads, talk of correction grows

New York - AFP

The tech-rich Nasdaq Composite Index skidded lower for the thirdweek in a row, but this time it took the rest of the market down with it.The Nasdaq slumped 128 points (3.10 percent) to 3,999.73. The Dow Jones IndustrialAverage and S&P 500, both of which avoided major falls the last two weeks, joinedthe Nasdaq in the red. The Dow shed 385.96 (2.35 percent) to 16,026.75, while the broad-based S&P 500 lost49.40 (2.65 percent) to 1,815.69.The broadening of the pain in the market has deepened talk that a pullback sparkedby the overvaluation of highflying technology and biotechnology names hasmorphed into an overall market correction.Tech names endured an especially ugly close of the week. Since Wednesday's close,Pandora Media sank 15 percent, biotechnology company Celgene fell 7.1 percent,Amazon shed 6.1 percent and Netflix lost 7.5 percent.But other sectors also took a hit. JPMorgan Chase, weakened by a disappointingearnings report Friday, lost 6.7 percent over the 48-hour stretch. Macy's slid 3.3percent and Visa shed 5.3 percent."In previous weeks, it didn't really go into the broader market," WunderlichSecurities chief market strategist Art Hogan said of the declines."When the trend broadens to the overall market, I tend to be worried that it becomesself-fulfilling."Chris Low, chief economist at FTN Financial, agreed that investor psychology hasdeteriorated."People are always talking about a correction being necessary," Low said. "But oncethe correction is under way, panic tends to set in. We seen to be at that panic point." Stocks had a muted reaction to Tuesday's outlook from the International MonetaryFund, which trimmed its forecast for global growth, but also alluded to a recoverythat "is becoming not only stronger, but also broader."The following day, US stocks rallied after US Federal Reserve minutes from a Marchpolicy meeting showed no support for an early rise in interest rates. Stocks jumpedmore than one percent Wednesday, with the Nasdaq leading the charge with a 1.7percent surge.But sentiment shifted Thursday as the Nasdaq suffered its steepest decline in twoand a half years as another wave of anxiety about  tech-sector overvaluationovertook the market.Thursday's drop came on the heels of March trade data from China, which showedimports dropped 11.3 percent and exports fell 6.6 percent. FTN's Low said the weak China data played a factor in the late-week stock swoon."When we look over the past year, whenever there is surprisingly bad news in China,the stock market always has a very bad day," Low said.According to Low, other less-discussed factors behind the market's retreat include arise in health care costs due to the new health care law and the need of manyinvestors to sell stocks in order to pay higher capital gains taxes following the stockmarket's surge in 2013.Many market watchers believe a correction is neither surprising nor worrisome given how far stocks have risen since the financial crisis. The S&P 500 rose nearly 30percent in 2013.Scott Wren, senior equity strategist at Wells Fargo Advisors, is urging clients to takethe dip as a buying opportunity. His firm projects the S&P 500 will close the year inthe 1,975-2,025 range."I think there is probably a little more downside" to stocks in the near-term, Wrensaid. "I don't think there's a lot.For me, pullbacks are an opportunity.Next week's agenda includes releases on March retail sales and housing starts, aswell as publication of the Fed's Beige Book. The earnings calendar picks up considerably with reports from major companiesacross the economy. Major names include Citigroup, Coca-Cola, General Electric,Google and General Electric.

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 pain spreads talk of correction grows Arab Today, arab today nasdaq pain spreads talk of correction grows

 



Arab Today, arab today
Arab Today, arab today Nohan Seyam designs beautiful accessories

GMT 20:02 2017 Tuesday ,21 February

Nohan Seyam designs beautiful accessories
Arab Today, arab today Tourism shows signs of recovery

GMT 09:59 2017 Monday ,20 February

Tourism shows signs of recovery
Arab Today, arab today Sarah Belamesh designs antiques of "ceramic"

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"
Arab Today, arab today 11 family members dead in rebel push

GMT 07:57 2017 Tuesday ,21 February

11 family members dead in rebel push
Arab Today, arab today To probe sexual harassment claims

GMT 10:08 2017 Tuesday ,21 February

To probe sexual harassment claims

GMT 18:36 2017 Monday ,20 February

Heavy selling drags Oman shares lower

GMT 06:16 2017 Monday ,20 February

Bank shares lift Tadawul

GMT 13:43 2017 Sunday ,19 February

Local institutional buying lifts Oman shares higher

GMT 15:33 2017 Saturday ,18 February

Lock-up shares worth 39 bln yuan eligible for trade

GMT 09:49 2017 Saturday ,18 February

Qatar Stock Exchange Index Gains 190.17 Points This Week
View News in Arabic - Business: أسواق مالية
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today 57 monkeys carrying 'invasive' genes

GMT 16:00 2017 Tuesday ,21 February

57 monkeys carrying 'invasive' genes
Arab Today, arab today 63-Year-Old Woman Delivers Baby

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby
Arab Today, arab today Small ponds have outsized impact

GMT 15:53 2017 Tuesday ,21 February

Small ponds have outsized impact
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Competes Sweden and Germans by S90

GMT 22:36 2017 Thursday ,16 February

Competes Sweden and Germans by S90
Arab Today, arab today Ahmed Fahmy stresses he did not ignore singing

GMT 06:34 2017 Sunday ,19 February

Ahmed Fahmy stresses he did not ignore singing
Arab Today, arab today London to tax old cars

GMT 14:06 2017 Friday ,17 February

London to tax old cars

GMT 21:11 2017 Saturday ,18 February

Egypt to hold first session of Arab film festival

GMT 06:50 2017 Wednesday ,15 February

Tragic fluctuations of Bakhtiari's life revealed

GMT 12:22 2017 Monday ,20 February

Kanye West puts hijab-wearing model

GMT 20:41 2017 Wednesday ,15 February

Teach monkeys to recognize themselves in mirror

GMT 23:29 2017 Thursday ,16 February

Home built on sand castles-style costs $8m

GMT 14:51 2017 Monday ,20 February

Ways to acquire presentation skills

GMT 19:16 2017 Friday ,17 February

Aziz House ready to host the tourists

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 12:39 2017 Monday ,20 February

newest smartphone another winner for Huawei

GMT 16:08 2017 Wednesday ,15 February

Shawsh reveals her collection "Jewelry of dreams"
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