US stocks fall more than 1% as tech slump continues
Specialist Mark Fitzgerald works at his post on the floor of the New York Stock Exchange, Monday, April 7, 2014. U.S. stocks extended their slump Monday afternoon, putting the Standard & Poor’s 500 index on track for its first three-day losing streak since January. (AP Photo/Richard Drew)
NEW YORK—US stocks on Monday slumped for a third day in a row as investors worried about whether high-flying technology stocks are overvalued and cautiously anticipated earnings season.
At the closing bell, the Dow Jones Industrial Average tumbled 165.49 points (1.01 percent) to 16,247.22.
The broad-based S&P 500 sank 19.95 (1.07 percent) to 1,845.14, while the tech-rich Nasdaq Composite Index declined 47.97 (1.16 percent) to 4,079.75.
The losses followed weakness since the middle of last week. Technology and biotech stocks have been among the weakest equities.
“Most of this selling has concentrated on these darling stocks and I guess investors are questioning their value,” said Peter Cardillo, chief market economist at Rockwell Global Capital.
Cardillo also attributed the losses to “a little anxiety before earnings.”
Earnings season unofficially kicks off Tuesday with Alcoa after the markets close and with reports Friday from banking giants JPMorgan Chase and Wells Fargo.
