Stocks Suffer Third Straight Day of Losses
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iStock/Thinkstock(NEW YORK) — For the third straight day, investors on Wall Street hit the sell button.
Investors continued to get rid of some of the high-fliers of last year and early 2014 like Tesla, Priceline, Amazon and Twitter.
The tech-heavy NASDAQ is now down close to 5 percent in the last three days and is also now negative for the year. This is the steepest three-day loss for the NASDAQ since November 2011.
The Dow Jones Industrial Average fell for the third straight day, posting a loss of nearly 170 points. It’s down about 2 percent during its recent slide.
The S&P 500 turned negative for the year Monday, and over the last three trading days it is down roughly 2.5 percent.
Most analysts believe the recent sell-off is happening because investors are moving out of parts of the market that had monster performance – Internet, social media and biotechnology – and moving into so-called “safe” areas of the market – utilities, dividend plays and defensive names.
There is concern though that if earnings for corporate America are bad in the weeks to come, the sell-off could get worse.
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