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
Our Top Stories
? Monday kicks off a busy week in the IPO calendar with 13 IPOs scheduled. Equities.com’s Director of Research Francis Gaskins has the breakdown of each.
? George Brooks sees panicked selling setting up buying opportunities in the tech sector.
? Contributor David Drake explores the potential for bitcoin and its clones to take hold in coming years.
? Senior Editor Joel Anderson looks at how looking at ETFs can help bring a little more clarity to Monday’s big losses.
? Senior Editor Jacob Harper discusses the sudden downturn for the once high-flying ETF Guggenheim Solar.
? Tim Melvin explains how, in the world of investing, it’s better to be a consistent singles hitter than swinging for the fences with every trade.
? Meng Meng drills into the market for Hepatitis-C treatments and how while Gilead (GILD) may be first in the pool, its competitors don’t look to be far behind.
? Fission Uranium is hitting all-time highs after reporting promising news on its new exploration projects.
? The bill may finally be coming due for LiveDeal (LIVE) , which has plummeted since reaching an apex in Feb. 2014.
? Shares in World Wrestling Entertainment (WWE) took a hit after analysts offered bearish estimates surrounding its new 24-hour wrestling channel.