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

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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.


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39 Comments

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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
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
2 replies to teapartyisdying.uall's comment
teapartyisdying.uall

Most people that live in poverty are in Red states as shown on this map. Indeed, nearly all. They have the worst education systems. They have the lowest paying jobs. The highest teen pregnancy rates. The most people without health insurance. But they often have a higher percentage of people with jobs that don't pay enough to get them out of poverty.

This is partially masked by the fact that Texas one of the worst States overall has a constitutional limit to the amount of money it can spend on welfare so their poor often do not have any help. That said they have the second highest number of welfare recipients.
Source(s):
http://www.fhwa.dot.gov/planning/publica...

Here is the distribution for food stamps.

http://www.fns.usda.gov/ORA/menu/Publish...

April 13 2014 at 12:47 PM Report abuse rate up rate down
teapartyisdying.uall

The majority of hillbilly welfare sh1theads like yourself trucrackpot conservative live in the south. Now go play with your SpongeBob Squarepants little boy.

April 13 2014 at 12:55 PM Report abuse +2 rate up rate down
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
alesper33

We got rid of Saddam Hussein and the cheap oil he was putting on the market. Thanks George Walker Bush.

April 12 2014 at 7:00 PM Report abuse -1 rate up rate down Reply
1 reply to alesper33's comment
teapartyisdying.uall

Before the 2003 invasion, Iraq's domestic oil industry was fully nationalized and closed to Western oil companies. A decade of war later, it is largely privatized and utterly dominated by foreign firms.
Antonia Juhasz
Antonia Juhasz

From ExxonMobil and Chevron to BP and Shell, the West's largest oil companies have set up shop in Iraq. So have a slew of American oil service companies, including Halliburton, the Texas-based firm Dick Cheney ran before becoming George W. Bush's running mate in 2000.

The war is the one and only reason for this long sought and newly acquired access.

Full coverage: The Iraq War, 10 years on

Oil was not the only goal of the Iraq War, but it was certainly the central one, as top U.S. military and political figures have attested to in the years following the invasion.

"Of course it's about oil; we can't really deny that," said Gen. John Abizaid, former head of U.S. Central Command and Military Operations in Iraq, in 2007. Former Federal Reserve Chairman Alan Greenspan agreed, writing in his memoir, "I am saddened that it is politically inconvenient to acknowledge what everyone knows: the Iraq war is largely about oil." Then-Sen. and now Defense Secretary Chuck Hagel said the same in 2007: "People say we're not fighting for oil. Of course we are."

April 12 2014 at 8:02 PM Report abuse +1 rate up rate down Reply
crimeslawyer

Beware of America on the decline. Vote GOP.

April 12 2014 at 4:35 PM Report abuse rate up rate down Reply
1 reply to crimeslawyer's comment
hdvh56

Pour more gasoline on the fire!!!!!!!!!

April 12 2014 at 9:51 PM Report abuse -1 rate up rate down Reply
tt

This down market looks more to be a correction instead of an all out drop. 1st Quarter earnings season is historically weak. Weather in many industries will have a factor. As an investor I look more toward the 2nd and 3rd quarter numbers. I am looking more at guidance that the past quarter. Market is general is approaching over sold territory. Just last week there was an all time high in the S&P.

April 12 2014 at 12:16 PM Report abuse +2 rate up rate down Reply
moretrorun

They used to call it 'speculative excess' after the fact when a down market hit.
Now, the experts think they have it all figured out since it's only 8%, not 10%. But past performance is no indication of future results. This time, since the numbers are bigger, so will be the decline.

April 12 2014 at 10:54 AM Report abuse rate up rate down Reply