After Market: Beware of Falling Nasdaqs; Index Is Now Off 8%

×

The heavy selling on Wall Street extended to Friday, as markets were led lower by the country's largest bank. The Dow Jones industrial average (^DJI) slid another 143 points, the Nasdaq composite (^IXIC) dropped 54 and the Standard & Poor's 500 index (^GPSC) fell 17 points. All three ended sharply lower for the week.

The Nasdaq is now down about 8 percent from its recent high, putting it pretty close to correction territory –- usually defined as a 10 percent drop. And the Dow had a wild week: three triple-digit losses wrapped around a 181 point rally.

The biggest loser on the Dow was JPMorgan Chase (JPM), down 3.5 percent after missing targets on both earnings and revenue.

It was a rough day for some other leading financial stock as well. Goldman Sachs (GS) and Visa (V) lost 2 percent. Visa is one of the Dow's worst performers so far this year. Over the past three months, its stock has lost 11 percent.

But Wells Fargo (WFC) bucked the trend, edging higher, after beating expectations. It's now posted 17 straight quarterly earnings gains.

Retail stocks also got socked, after Gap (GPS) reported a big drop in sales last month. Gap shares fell 2 percent. J.C. Penney (JCP) slid 9.5 percent. Over the past year, it has lost nearly half its value. Aeropostale fell 5.5 percent and Sears lost 5 percent. Macy's (M), American Eagle (AEO), Urban Outfitters (URBN), Burlington Stores (BURL), and Dillard's (DDS) all lost 2 percent or more.

Many of the internet and biotech stocks that have led the recent round of selling continued to fall. Twitter (TWTR) lost 3 percent, Netflix (NFLX) and Priceline (PCLN) both fell by about 2 percent and Facebook (FB) fell 1 percent. In the biotech sector, Celgene (CELG), Biogen (BIIB) and Amgen (AMGN) all fell, but Gilead (GILD) edged higher.

Finally, General Motors (GM) skidded 4 percent on a report that CEO Mary Barra received emails about the safety problems of cars recalled earlier this year as far back as 2011, even though it doesn't confirm that she knew about the problem back then.

What to Watch Monday:
  • The Commerce Department releases retail sales data for March at 8:30 a.m. Eastern time and business inventories for February at 10 a.m.
  • Citigroup (C) reports quarterly financial results before U.S. markets open.
-Produced by Drew Trachtenberg.


Increase your money and finance knowledge from home

Professional Vs Do it Yourself Investing

Should you get advice or DYI?

View Course »

Introduction to Economic Indicators

Measure the performance of the economy.

View Course »

Add a Comment

*0 / 3000 Character Maximum

55 Comments

Filter by:
k4jlp

If the masses really knew how the energy, healthcare and insurance industry is screwing them, there would be riots in the streets. Gas at the pump can and has rose on a whim....

April 15 2014 at 6:35 AM Report abuse rate up rate down Reply
dopey.obamite

Beware of falling NADSAQS

April 13 2014 at 1:41 PM Report abuse -1 rate up rate down Reply
d.barack

Go to twitter to talk to the head twit. GOPTARDESTROY, AKA Evan Barthold.

April 13 2014 at 1:27 PM Report abuse rate up rate down Reply
d.barack

Evan is a dunce.

April 13 2014 at 12:54 PM Report abuse rate up rate down Reply
Elvis

That's what happens when you make false stories on why they need to raise gas prices in early spring!

April 13 2014 at 11:19 AM Report abuse rate up rate down Reply
YourFtr

Obama should release all his college transcripts and applications and student loans info......
what do they have to do with anything !!??
Unless there is something to hide......

April 13 2014 at 12:27 AM Report abuse rate up rate down Reply
YourFtr

Other news .........Beef prices at highest since 1987.....

The markets starting to mirror the 1987 crash......

Obama off-track worried about 'pay equality' !?? If no one has a job there is pay equality..!

April 13 2014 at 12:23 AM Report abuse +1 rate up rate down Reply
1 reply to YourFtr's comment
teapartyisdying.uall

I see the TPGOP isn't worried about pay equality they voted against it. No wonder the red states have the lowest wages in the country.

April 13 2014 at 8:58 AM Report abuse -1 rate up rate down Reply
5 replies to teapartyisdying.uall's comment
d.barack

Evan still believes in the Tooth Fairy, Santa Claus, the Easter Bunny and Honest politicians.

April 12 2014 at 9:42 PM Report abuse rate up rate down Reply
larry

So, where are all the liberals that trashed G.W.Bush when the stock market crashed in 2008 ??? The Obama "sheep" have a double standard when it comes to Obama performing the same things Bush did and the liberals calling out Bush but NOT Obama. Obama HYPOCRITS at it again.

April 12 2014 at 8:35 PM Report abuse rate up rate down Reply
teapartyisdying.uall

Thu Dec 15, 2011 at 07:34 AM PST
Lawrence Wilkerson: Republican response to the end of Iraq War "may cause me to leave this party"

Colonel Lawrence Wilkerson, former chief of staff for Secretary of State Colin Powell was absolutely amazing on The Rachel Maddow Show last night. He was talking about the end of the Iraq War and the shameful response coming from Republicans, including those running for president.

The only way I can explain it, Rachel, is their hatred of President Obama. And I say that with some circumspection.

They want to defeat this man. They want to bring this man out of the White House. They want to embarrass this man. They want to put this man through every kind of turmoil they can possibly put him through politically.

So, they will take almost any stand even -- and this is what really grates on me as a Republican -- even if it is not in the interest of this country, they will take a stand and have repeatedly taken stands that oppose the president simply because they oppose the president.

It's not America. It`s not the United States. It's not our best interests. It's certainly not our national security interests. It's getting rid of this president.

That is political opportunism and political blindness of the first order. And it may cause me to leave this party eventually, I must say that. [...]

Any issue you want to pick, my Republicans seem to be intent on suicide.

April 12 2014 at 8:28 PM Report abuse -1 rate up rate down Reply
2 replies to teapartyisdying.uall's comment
d.barack

say Hi to Alice and Anson, and John and Diane for me

April 12 2014 at 9:40 PM Report abuse rate up rate down Reply
1 reply to d.barack's comment
teapartyisdying.uall

Say hi to Billy Bob and Ricky Bobby, and Bobby Ricky and Bob Billy for me.

April 13 2014 at 9:01 AM Report abuse +1 rate up rate down
dopey.obamite

So how's Fallujah looking these days, champ?

April 12 2014 at 11:33 PM Report abuse +1 rate up rate down Reply