Stocks end down on Pfizer, Facebook reports
Trader Christopher Lotito works on the floor of the New York Stock Exchange, Friday, March 21, 2014. Credit: AP / Richard Drew
A sell-off in technology stocks Monday pulled the broader market lower as investors unloaded some of the biggest names in the industry.
Facebook fell 5 percent, Google and Amazon.com each fell more than 2 percent, and Netflix fell 7 percent on news that Apple is working on a streaming-TV service.
Tech stocks have soared over the past year, pushing the Nasdaq composite index up 30 percent over the past 12 months, more than twice as much as growth of the Dow Jones industrial average. Netflix and Facebook have doubled in price in that time.
"The big highfliers have done really well, and so I think there's been some profit-taking," said Randy Warren, chief investment officer of Warren Financial Service.
The Nasdaq lost 1.18 percent to close at 4,226.39. The Standard & Poor's 500 index fell 0.49 percent to 1,857.44. The Dow Jones industrial average fell 26.08 points to 16,276.69.
Stocks drifted lower early as traders feared sanctions against Russia could tip the world's ninth-largest economy into recession. Investors were also reacting to news that Russian troops had seized Ukrainian ships and military installations in the Crimean peninsula. -- AP
Sarra Sounds Off, Season 3, Ep 3: Top football teams in action, fantasy update and plays of the week Gregg Sarra sounds off on the Northport and Half Hollow Hills East matchup, plus Tess Ferguson has an update on the high school fantasy football standings and Jared Vailuzzi has the plays of the week.
Sarra Sounds Off, Season 3, Ep 3: Top football teams in action, fantasy update and plays of the week Gregg Sarra sounds off on the Northport and Half Hollow Hills East matchup, plus Tess Ferguson has an update on the high school fantasy football standings and Jared Vailuzzi has the plays of the week.
