In another rough day of trading for American stocks, all three major indices lost more than a percentage point, with the Nasdaq leading the way with losses that briefly exceeded 1.8 percent. The markets opened even and fell early only to rally back to even about 45 minutes after the opening bell. This was only a brief recovery, though, as stocks then fell sharply and continued to do so for most of the day.
Things might have finished even worse for the major indicies if not for a rally sparked at about 2:30 pm ET that recovered some of the day’s heavy losses.
The losses appear to be a continuation of Friday’s rough trading day, when a good-but-not-great jobs report appeared to drive action to the sell side. Investors appear to be shifting to a risk-off environment as the heaviest selling came among growth stocks. Investors also appeared to be leaving equities for bonds as a part of this shift as the interest rate on 10-year T-bills shed three basis points to land at 2.70 percent.
Results for April 7, 2014
● Standard & Poor’s 500: -1.08 percent to 1,845.04 points
● Dow Jones Industrial Average: -1.02 percent to 16245.87 points
● NASDAQ Exchange: -1.16 percent to 4,079.75 points
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