Tech stocks had their first losing day of 2006 Thursday, as the Nasdaq’s seven-session winning streak ended in a broad sell-off.
Tensions over Iran’s nuclear ambitions and downgrades to Coca-Cola and JP Morgan
dragged the broader market to its first big loss of 2006.
Uncertainty about fourth-quarter earnings reports, which begin in earnest next week, also weighed on stocks, and traders will also have to contend with wholesale inflation and retail sales data Friday morning.
The sell-off came a day after the Nasdaq closed at a historic high.
The Nasdaq fell 14 to 2316, the S&P 500 lost 8 to 1286, and the Dow tumbled 81 to 10,962. Volume declined to 2.3 billion shares on the NYSE, and 2.04 billion on the Nasdaq. Decliners led 20-12 on the NYSE, and 18-11 on the Nasdaq. Downside volume was 68% on the NYSE, and 59% on the Nasdaq. New highs-new lows were 214-29 on the NYSE, and 182-18 on the Nasdaq.
Apple finished modestly higher on a Bear Stearns upgrade, but analysts’ predictions of a blow-out quarter for Google
couldn’t save that stock from a 1.7% loss.
Apollo fell 7% after chairman and CEO Todd Nelson resigned.
