Markets Decline with Investors Unnerved by High Prices
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iStock/Thinkstock(NEW YORK) — U.S. stocks dropped big time Thursday, led mostly by some big names in the technology sector.
The Dow Jones Industrial Average closed down 267 points to end the session at 16,170.22, while the S&P 500 closed at 1,833.08 — down 39 points.
The Nasdaq Composite posted its worst three-day slide since November of 2011 late last week into this week before rebounding a bit mid-week. On Thursday, tech-heavy index gave up all it had gained over the last few days, plunging 130 points to 4,054.11.
Internet and biotech stocks took the biggest hit as investors Thursday woke up and decided that prices for one of the market’s favorite sectors of 2013 were simply too high. Amazon and Google were both down three percent.
Even an encouraging weekly jobs report didn’t help the market much. First-time filings for unemployment benefits dropped last week to the lowest level in seven years, to 300,000.
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