Nasdaq drops three percent

Comment on this story


IOL pic feb25 wall street signage

Reuters

.

New York - The Nasdaq suffered its biggest drop in two-and-a-half years on Thursday after another sharp selloff in biotech and momentum names, including Gilead Sciences and TripAdvisor, increasing investor anxiety about a broader pullback.

The Nasdaq biotechnology index shed 5.6 percent, its biggest one-day drop since August 2011, adding to recent losses since a large drop in Gilead more than two weeks ago triggered a wider selloff for biotechs and other recent big gainers. That index is now down 18.8 percent since its February 25 record close.

The S&P 500 also posted its biggest percentage loss since February 3, while the Nasdaq has dropped 7 percent from its closing high for the year, set on March 5. All stocks in the Nasdaq 100 index posted a loss, with the exception of CH Robinson Worldwide, which ended up 1.6 percent at $53.80.

The selling also hit the shares of three companies in their first day of public trading after their initial public offerings were priced on Wednesday night. All three IPOs ended lower.

“Momentum names have been driving this market higher. A lot of these names have been trading at stratospheric valuations, and on long-term outlooks, that may or may not materialise. The question is, 'At what point do they get too expensive?' Right now, I think they're looking a little expensive,” said Randy Frederick, managing director of active trading and derivatives for Charles Schwab in Austin, Texas.

There's a good chance the selloff in these stocks could continue and the pullback could extend to areas beyond the momentum names, Frederick said.

The CBOE Volatility Index or the VIX, Wall Street's measure of investor anxiety, jumped 15 percent, its biggest daily percentage gain since February 3, to end at 15.89.

Alexion Pharma was the S&P 500's biggest decliner, off 7.5 percent at $144.19, followed by Gilead Sciences, down 7.3 percent at $65.48, and TripAdvisor, down 7 percent at $81.90.

The move was a sharp reversal from the previous day, when shares rallied after minutes from the latest Federal Reserve policymakers' meeting showed members were more keen to keep rates low than previously expected.

The Dow Jones industrial average plummeted 266.96 points or 1.62 percent, to end at 16,170.22. The S&P 500 lost 39.09 points or 2.09 percent, to close at 1,833.09.

The Nasdaq Composite dropped 129.794 points or 3.1 percent - its biggest daily percentage loss since November 9, 2011 - to 4,054.106.

The S&P 500 closed below its 50-day moving average for the first time since February 10.

The stock of bailed-out auto lender Ally Financial Inc fell 4.1 percent to close at $23.98 in its market debut.

Two biotech companies - Cerulean Pharma and Adamas Pharmaceuticals - also slid in their trading debuts. Cerulean fell 2.1 percent to close at $6.85, while Adamas lost 12.4 percent to end at $14.01.

Among Internet-related tech shares, which were among last year's biggest advancers, Facebook Inc fell 5.2 percent to end at $59.16, while Netflix sank 5.2 percent to close at $334.73.

“You've basically more than erased the bounce of the last two days, so I would imagine any bounce from these levels is probably going to be met with supply because the market is on very tenuous legs right now,” said Michael James, managing director of equity trading at Wedbush Securities in Los Angeles.

Among other big decliners, shares of Imperva plunged 43.7 percent to $28 after the data centre security company reported preliminary first-quarter results. Rival FireEye Inc lost 11.8 percent to $49.75.

On the earnings front, Bed, Bath & Beyond shares slumped 6.2 percent to $63.72 after the home-goods retailer reported fourth-quarter sales that fell from a year ago and gave a first-quarter outlook that was below expectations.

The day's economic data was encouraging, however, with initial jobless claims dropping sharply last week to the lowest in almost seven years, suggesting job growth may be picking up after a harsh winter.

After the bell, shares of Gap dropped 2.4 percent to $38.33. The slide followed the clothing retailer's report on its March sales and reaffirmation of its 2014 outlook. In contrast, shares of H&R Block rose 7.7 percent to $30.60 in extended-hours trading after the US tax preparer said it would sell some assets and transfer certain liabilities to BofI Federal Bank.

Volume was high, with 7.5 billion shares changing hands on US exchanges, well above the 6.8 billion average so far this month, according to data from BATS Global Markets.

Decliners outnumbered advancers on the New York Stock Exchange by a ratio of 3.6 to 1. On the Nasdaq, about 6.6 stocks fell for every one that rose. - Reuters


sign up
 
 

Comment Guidelines



  1. Please read our comment guidelines.
  2. Login and register, if you haven’ t already.
  3. Write your comment in the block below and click (Post As)
  4. Has a comment offended you? Hover your mouse over the comment and wait until a small triangle appears on the right-hand side. Click triangle () and select "Flag as inappropriate". Our moderators will take action if need be.

     

Join us on

IOL-Social networks IOL-Social networks IOL-Social networks IOL-Social networks
Tamtam31
I'm a 31 year old woman looking to meet men between the ages of 30 and 45.
View Profile
SATYNTJIE
I'm a 52 year old woman looking to meet men between the ages of 45 and 60.
View Profile
Bubblegumskunk
I'm a 40 year old woman looking to meet men between the ages of 35 and 43.
View Profile
Comet43
I'm a 43 year old woman looking to meet men between the ages of 40 and 54.
View Profile
Grace62
I'm a 33 year old woman looking to meet men between the ages of 33 and 42.
View Profile
love_passionately
I'm a 43 year old woman looking to meet men between the ages of 45 and 55.
View Profile
itu22
I'm a 22 year old woman looking to meet men between the ages of 25 and 37.
View Profile
00butterflygirl00
I'm a 30 year old woman looking to meet men between the ages of 28 and 36.
View Profile
Sosialemeis2
I'm a 28 year old woman looking to meet men between the ages of 35 and 46.
View Profile
AGX
I'm a 36 year old woman looking to meet men between the ages of 35 and 44.
View Profile
iamclassy
I'm a 43 year old woman looking to meet men between the ages of 50 and 62.
View Profile
supe24
I'm a 34 year old woman looking to meet men between the ages of 35 and 65.
View Profile
PhoenixLin
I'm a 32 year old woman looking to meet men between the ages of 25 and 42.
View Profile
blom788
I'm a 25 year old woman looking to meet men between the ages of 25 and 35.
View Profile
xine_414
I'm a 28 year old woman looking to meet men between the ages of 25 and 35.
View Profile
Lady66
I'm a 48 year old woman looking to meet men between the ages of 47 and 55.
View Profile
blondgirl
I'm a 57 year old woman looking to meet men between the ages of 53 and 60.
View Profile
Belind4_M
I'm a 19 year old woman looking to meet men between the ages of 19 and 30.
View Profile
ioio
I'm a 37 year old woman looking to meet men between the ages of 35 and 45.
View Profile
Sparkie92
I'm a 22 year old woman looking to meet men between the ages of 22 and 29.
View Profile
Wonderer_0202
I'm a 42 year old woman looking to meet men between the ages of 40 and 52.
View Profile
Dreamer1987
I'm a 27 year old woman looking to meet men between the ages of 25 and 35.
View Profile
chicky582
I'm a 25 year old woman looking to meet men between the ages of 25 and 30.
View Profile
pesin15
I'm a 38 year old woman looking to meet men between the ages of 18 and 100.
View Profile
Believer001
I'm a 30 year old woman looking to meet men between the ages of 32 and 40.
View Profile
LuckyCharm_440
I'm a 29 year old woman looking to meet men between the ages of 29 and 40.
View Profile
Ja9
I'm a 26 year old woman looking to meet men between the ages of 26 and 36.
View Profile
DelightfullyTipsy
I'm a 38 year old woman looking to meet men between the ages of 30 and 38.
View Profile
LOVINGLIFE417
I'm a 45 year old woman looking to meet men between the ages of 43 and 50.
View Profile
brokenheart2_cnb
I'm a 42 year old woman looking to meet men between the ages of 35 and 45.
View Profile
Boulderhopper
I'm a 44 year old woman looking to meet men between the ages of 38 and 50.
View Profile
Kosmos075
I'm a 39 year old woman looking to meet men between the ages of 35 and 55.
View Profile
Chanex
I'm a 20 year old woman looking to meet men between the ages of 23 and 26.
View Profile
kristella
I'm a 30 year old woman looking to meet men between the ages of 30 and 40.
View Profile
Gypsey4Life
I'm a 51 year old woman looking to meet men between the ages of 50 and 62.
View Profile
Lulu_101
I'm a 36 year old woman looking to meet men between the ages of 38 and 45.
View Profile
SkyLark67
I'm a 47 year old woman looking to meet men between the ages of 45 and 55.
View Profile
Charms1203
I'm a 39 year old woman looking to meet men between the ages of 35 and 55.
View Profile
profile01
I'm a 42 year old woman looking to meet men between the ages of 39 and 47.
View Profile
JustLooking69
I'm a 56 year old woman looking to meet men between the ages of 50 and 60.
View Profile
Smarag
I'm a 20 year old woman looking to meet men between the ages of 22 and 30.
View Profile
stofvoetjie
I'm a 18 year old woman looking to meet men between the ages of 18 and 25.
View Profile
Kwarenina
I'm a 47 year old woman looking to meet men between the ages of 42 and 52.
View Profile
AmaJ
I'm a 44 year old woman looking to meet men between the ages of 42 and 50.
View Profile
_Alwayssmiling
I'm a 30 year old woman looking to meet men between the ages of 30 and 41.
View Profile
thrillsandfrills
I'm a 40 year old woman looking to meet men between the ages of 41 and 45.
View Profile
Gem31
I'm a 24 year old woman looking to meet men between the ages of 25 and 35.
View Profile
veldmuis007
I'm a 33 year old woman looking to meet men between the ages of 28 and 35.
View Profile
Elyn1980
I'm a 34 year old woman looking to meet men between the ages of 35 and 42.
View Profile
Athena
I'm a 37 year old woman looking to meet men between the ages of 37 and 45.
View Profile
noirsette
I'm a 38 year old woman looking to meet men between the ages of 37 and 45.
View Profile
CC82
I'm a 32 year old woman looking to meet men between the ages of 30 and 45.
View Profile
FancyFace32
I'm a 32 year old woman looking to meet men between the ages of 37 and 58.
View Profile
Ldp123
I'm a 43 year old woman looking to meet men between the ages of 44 and 58.
View Profile
lenQ313
I'm a 19 year old woman looking to meet men between the ages of 22 and 28.
View Profile
bluemon
I'm a 30 year old woman looking to meet men between the ages of 30 and 45.
View Profile
Poppielap007
I'm a 23 year old woman looking to meet men between the ages of 25 and 29.
View Profile
lookingsexy200
I'm a 36 year old woman looking to meet men between the ages of 34 and 45.
View Profile
Isolabelle
I'm a 38 year old woman looking to meet men between the ages of 25 and 45.
View Profile
KissFromARose
I'm a 58 year old woman looking to meet men between the ages of 55 and 64.
View Profile
AngelBabe1
I'm a 27 year old woman looking to meet men between the ages of 25 and 39.
View Profile
Liefterdiefter
I'm a 48 year old woman looking to meet men between the ages of 45 and 63.
View Profile
Viv42
I'm a 42 year old woman looking to meet men between the ages of 38 and 55.
View Profile
Diena_van_die_Eike
I'm a 49 year old woman looking to meet men between the ages of 49 and 62.
View Profile
MrsLAG
I'm a 34 year old woman looking to meet men between the ages of 35 and 40.
View Profile
Lvit2C
I'm a 29 year old woman looking to meet men between the ages of 27 and 39.
View Profile
mystiqueZN
I'm a 29 year old woman looking to meet men between the ages of 27 and 45.
View Profile
DaffodilTulip
I'm a 48 year old woman looking to meet men between the ages of 40 and 50.
View Profile
SKY248
I'm a 52 year old woman looking to meet men between the ages of 44 and 52.
View Profile
Gem24
I'm a 24 year old woman looking to meet men between the ages of 25 and 40.
View Profile
Lemoenbloeisel
I'm a 35 year old woman looking to meet men between the ages of 30 and 45.
View Profile
KarooBoereMeisie
I'm a 34 year old woman looking to meet men between the ages of 30 and 40.
View Profile
Pretty_Nerd
I'm a 28 year old woman looking to meet men between the ages of 30 and 37.
View Profile
This_is_m3
I'm a 45 year old woman looking to meet men between the ages of 45 and 50.
View Profile
voelkos
I'm a 54 year old woman looking to meet men between the ages of 45 and 56.
View Profile
MustLoveDogz
I'm a 33 year old woman looking to meet men between the ages of 33 and 43.
View Profile
Graciousheart
I'm a 47 year old woman looking to meet men between the ages of 44 and 56.
View Profile
OneWay
I'm a 39 year old woman looking to meet men between the ages of 35 and 47.
View Profile
Stiletto1
I'm a 53 year old woman looking to meet men between the ages of 47 and 57.
View Profile
lovely00
I'm a 32 year old woman looking to meet men between the ages of 39 and 67.
View Profile
AM1234
I'm a 41 year old woman looking to meet men between the ages of 38 and 46.
View Profile
butterflykisses14
I'm a 30 year old woman looking to meet men between the ages of 31 and 51.
View Profile
HoopvolleToekoms
I'm a 32 year old woman looking to meet men between the ages of 32 and 39.
View Profile
KiTella
I'm a 31 year old woman looking to meet men between the ages of 29 and 42.
View Profile
Sugababe
I'm a 41 year old woman looking to meet men between the ages of 32 and 42.
View Profile
dreamsoftly
I'm a 49 year old woman looking to meet men between the ages of 47 and 58.
View Profile
spangled_sparrow
I'm a 50 year old woman looking to meet men between the ages of 45 and 55.
View Profile
Juliet8
I'm a 50 year old woman looking to meet men between the ages of 45 and 65.
View Profile
HottFoxx
I'm a 46 year old woman looking to meet men between the ages of 40 and 55.
View Profile
Stella143
I'm a 35 year old woman looking to meet men between the ages of 34 and 45.
View Profile
Natz79
I'm a 35 year old woman looking to meet men between the ages of 30 and 45.
View Profile
AMy_303
I'm a 39 year old woman looking to meet men between the ages of 35 and 45.
View Profile
Bella_11
I'm a 33 year old woman looking to meet men between the ages of 30 and 45.
View Profile
girlnextdoor2014
I'm a 47 year old woman looking to meet men between the ages of 47 and 53.
View Profile
kim2702
I'm a 46 year old woman looking to meet men between the ages of 38 and 50.
View Profile
Mianli
I'm a 31 year old woman looking to meet men between the ages of 32 and 40.
View Profile
ContagiousLaughter
I'm a 41 year old woman looking to meet men between the ages of 37 and 44.
View Profile
BobTheExtremeBuilder
I'm a 47 year old man looking to meet women between the ages of 25 and 47.
View Profile
Kent123
I'm a 54 year old man looking to meet women between the ages of 45 and 60.
View Profile
Woody777
I'm a 50 year old man looking to meet women between the ages of 35 and 55.
View Profile
Liefasb
I'm a 63 year old man looking to meet women between the ages of 50 and 60.
View Profile
WagOngeduldig
I'm a 41 year old man looking to meet women between the ages of 30 and 45.
View Profile
philip_unplugged514
I'm a 62 year old man looking to meet women between the ages of 50 and 65.
View Profile
skyandsand
I'm a 31 year old man looking to meet women between the ages of 25 and 35.
View Profile
niemandsland
I'm a 30 year old man looking to meet men between the ages of 28 and 45.
View Profile
cloudhopper
I'm a 56 year old man looking to meet women between the ages of 45 and 55.
View Profile
letslook
I'm a 46 year old man looking to meet women between the ages of 25 and 45.
View Profile
cornrlius205
I'm a 46 year old man looking to meet women between the ages of 30 and 50.
View Profile
oldschool_romantic
I'm a 26 year old man looking to meet women between the ages of 19 and 31.
View Profile
Geard1977
I'm a 37 year old man looking to meet women between the ages of 27 and 38.
View Profile
Stream_Net
I'm a 32 year old man looking to meet women between the ages of 24 and 33.
View Profile
Glorious_Quest
I'm a 45 year old man looking to meet women between the ages of 32 and 45.
View Profile
DoctorSpin
I'm a 41 year old man looking to meet women between the ages of 30 and 45.
View Profile
Apalis23
I'm a 50 year old man looking to meet women between the ages of 39 and 48.
View Profile
WanderingShadow
I'm a 39 year old man looking to meet women between the ages of 20 and 40.
View Profile
QuietDreamer
I'm a 34 year old man looking to meet women between the ages of 25 and 35.
View Profile
umustbsomewhere
I'm a 61 year old man looking to meet women between the ages of 45 and 55.
View Profile
tigercat
I'm a 54 year old man looking to meet women between the ages of 22 and 54.
View Profile
rio77
I'm a 56 year old man looking to meet women between the ages of 50 and 60.
View Profile
srchinluv
I'm a 52 year old man looking to meet women between the ages of 46 and 65.
View Profile
big_guy_soft_heart
I'm a 43 year old man looking to meet women between the ages of 30 and 42.
View Profile
Espavo
I'm a 50 year old man looking to meet women between the ages of 30 and 48.
View Profile
ch_nb
I'm a 28 year old man looking to meet women between the ages of 18 and 45.
View Profile
honeybush_ht
I'm a 55 year old man looking to meet women between the ages of 25 and 45.
View Profile
longingforu
I'm a 35 year old man looking to meet women between the ages of 18 and 38.
View Profile
deeptime
I'm a 53 year old man looking to meet women between the ages of 48 and 58.
View Profile
Fairtalk101
I'm a 46 year old man looking to meet women between the ages of 25 and 45.
View Profile
WieEnWaar
I'm a 63 year old man looking to meet women between the ages of 50 and 62.
View Profile
JONGKEREL
I'm a 62 year old man looking to meet women between the ages of 49 and 55.
View Profile
Double_N
I'm a 41 year old man looking to meet men between the ages of 25 and 50.
View Profile
Marley77
I'm a 37 year old man looking to meet women between the ages of 28 and 35.
View Profile
Boereman
I'm a 52 year old man looking to meet women between the ages of 40 and 52.
View Profile
Breukes
I'm a 35 year old man looking to meet women between the ages of 26 and 35.
View Profile
Carden
I'm a 32 year old man looking to meet women between the ages of 24 and 30.
View Profile
Yinyani
I'm a 57 year old man looking to meet women between the ages of 25 and 55.
View Profile
Ben_57
I'm a 57 year old man looking to meet women between the ages of 42 and 55.
View Profile
MAX_33
I'm a 55 year old man looking to meet women between the ages of 33 and 53.
View Profile
JustJve99
I'm a 47 year old man looking to meet women between the ages of 40 and 45.
View Profile
Deipnosophist
I'm a 40 year old man looking to meet women between the ages of 18 and 100.
View Profile
waitingforgodot
I'm a 68 year old man looking to meet women between the ages of 53 and 60.
View Profile
koolstoof55
I'm a 59 year old man looking to meet women between the ages of 45 and 63.
View Profile
maybe_111
I'm a 41 year old man looking to meet women between the ages of 23 and 39.
View Profile
Rumrun
I'm a 56 year old man looking to meet women between the ages of 44 and 56.
View Profile
CapeLover
I'm a 49 year old man looking to meet women between the ages of 41 and 50.
View Profile
Summerstorm_007
I'm a 60 year old man looking to meet women between the ages of 48 and 58.
View Profile
OldGoat4400
I'm a 53 year old man looking to meet women between the ages of 35 and 48.
View Profile
Soulsearcher72
I'm a 42 year old man looking to meet women between the ages of 35 and 45.
View Profile
rossi46
I'm a 66 year old man looking to meet women between the ages of 55 and 65.
View Profile
LiveLifeAlways
I'm a 43 year old man looking to meet women between the ages of 33 and 41.
View Profile
Romanticseb
I'm a 59 year old man looking to meet women between the ages of 45 and 57.
View Profile
MF__802
I'm a 38 year old man looking to meet women between the ages of 20 and 40.
View Profile
Bushbaby210
I'm a 27 year old man looking to meet women between the ages of 21 and 35.
View Profile
Gster1
I'm a 64 year old man looking to meet women between the ages of 45 and 60.
View Profile
Free_Spirited
I'm a 45 year old man looking to meet women between the ages of 32 and 42.
View Profile
B_B_B
I'm a 43 year old man looking to meet women between the ages of 18 and 45.
View Profile
MOOLMAN
I'm a 56 year old man looking to meet women between the ages of 48 and 62.
View Profile
earthwormjim1968
I'm a 46 year old man looking to meet women between the ages of 40 and 48.
View Profile
GenuineJ
I'm a 64 year old man looking to meet women between the ages of 48 and 64.
View Profile
oth1982
I'm a 32 year old man looking to meet women between the ages of 18 and 100.
View Profile
annns
I'm a 51 year old man looking to meet women between the ages of 48 and 56.
View Profile
arew
I'm a 49 year old man looking to meet women between the ages of 30 and 55.
View Profile
matiekat
I'm a 66 year old man looking to meet women between the ages of 18 and 100.
View Profile
TheRealPeterPan
I'm a 35 year old man looking to meet women between the ages of 28 and 35.
View Profile
Venator
I'm a 49 year old man looking to meet women between the ages of 36 and 48.
View Profile
bellagio
I'm a 69 year old man looking to meet women between the ages of 55 and 65.
View Profile
gentlebutcrazy
I'm a 58 year old man looking to meet women between the ages of 35 and 55.
View Profile
saks001
I'm a 61 year old man looking to meet women between the ages of 47 and 59.
View Profile
virgo5
I'm a 62 year old man looking to meet women between the ages of 45 and 65.
View Profile
peyton515
I'm a 46 year old man looking to meet women between the ages of 36 and 46.
View Profile
Rich_H
I'm a 48 year old man looking to meet women between the ages of 25 and 48.
View Profile
Lifechanger_7
I'm a 25 year old man looking to meet women between the ages of 18 and 30.
View Profile
Pete_1
I'm a 70 year old man looking to meet women between the ages of 55 and 65.
View Profile
Jurgy62
I'm a 52 year old man looking to meet women between the ages of 37 and 55.
View Profile
50pluslooking
I'm a 56 year old man looking to meet women between the ages of 18 and 100.
View Profile
Virion
I'm a 30 year old man looking to meet women between the ages of 25 and 33.
View Profile
drurie
I'm a 66 year old man looking to meet women between the ages of 60 and 66.
View Profile
Rick1508
I'm a 49 year old man looking to meet women between the ages of 25 and 49.
View Profile
AJK1110
I'm a 59 year old man looking to meet women between the ages of 25 and 55.
View Profile
Kawa1000
I'm a 49 year old man looking to meet women between the ages of 40 and 50.
View Profile
Btt76
I'm a 38 year old man looking to meet women between the ages of 25 and 42.
View Profile
sailor_X897
I'm a 54 year old man looking to meet women between the ages of 35 and 60.
View Profile
boersoekvrou14
I'm a 39 year old man looking to meet women between the ages of 30 and 42.
View Profile
MysticKitesurfer
I'm a 43 year old man looking to meet women between the ages of 27 and 36.
View Profile
Rebelinbluejeans
I'm a 62 year old man looking to meet women between the ages of 40 and 62.
View Profile
Kenfisha123
I'm a 49 year old man looking to meet women between the ages of 35 and 55.
View Profile
LoveFriendFirst123
I'm a 56 year old man looking to meet women between the ages of 50 and 72.
View Profile
Stressfree
I'm a 58 year old man looking to meet women between the ages of 42 and 52.
View Profile
happymaker66
I'm a 48 year old man looking to meet women between the ages of 25 and 45.
View Profile
IceDad66
I'm a 48 year old man looking to meet women between the ages of 35 and 45.
View Profile
TheRisingSun
I'm a 41 year old man looking to meet women between the ages of 25 and 40.
View Profile
TheDuke_99
I'm a 36 year old man looking to meet women between the ages of 28 and 42.
View Profile
Eugene053
I'm a 54 year old man looking to meet women between the ages of 25 and 45.
View Profile
Holomig
I'm a 37 year old man looking to meet women between the ages of 28 and 36.
View Profile
Determined_69
I'm a 45 year old man looking to meet women between the ages of 35 and 47.
View Profile
LEO1982
I'm a 32 year old man looking to meet women between the ages of 24 and 40.
View Profile

Business Directory