That initially sent stocks higher, even pushing the dow and the s p to record high levels. But then investors began to sell socalled momentum stocks, companies that had been some of the sharpest and fastest price gains over the past year. Big Name Technology giants, biotech companies, internet and social networking darlings, all of them suffering from big drops. The dow fell triple digits down 160 points. But the nasdaq was the hardest hit, losing 110 points. Thats a drop of more than 2. 5 . And the s p lost almost 24 points. Sheila dharmarajan watched the market drama from the Nasdaq Exchange and explains whats worrying investors. Reporter the selloff was broadbased as 97 of the nasdaq 100 finished the day in the red. Amongst the big losers, biotech stocks. The big run up we have seen in those names losing favor this year. The nasdaq biotech index was down more than 4 on the day. Also highflying socalled momentum stocks, these are stocks that consistently move in a directionmetimes re
Higher, even pushing the dow and the s p to record high levels. But then investors began to sell socalled momentum stocks, companies that had been some of the sharpest and fastest price gains over the past year. Big Name Technology giants, biotech companies, internet and social networking darlings, all of them suffering from big drops. The dow fell triple digits down 160 points. But the nasdaq was the hardest hit, losing 110 points. Thats a drop of more than 2. 5 . And the s p lost almost 24 points. Sheila dharmarajan watched the market drama from the Nasdaq Exchange and explains whats worrying investors. Reporter the selloff was broadbased as 97 of the nasdaq 100 finished the day in the red. Amongst the big losers, biotech stocks. The big run up we have seen in those names losing favor this year. The nasdaq biotech index was down more than 4 on the day. Also highflying socalled momentum stocks, these are stocks that consistently move in a directionmetimes regardless oe moment up switc
That initially sent stocks higher, even pushing the dow and the s p to record high levels. But then investors began to sell socalled momentum stocks, companies that had been some of the sharpest and fastest price gains over the past year. Big Name Technology giants, biotech companies, internet and social networking darlings, all of them suffering from big drops. The dow fell triple digits down 160 points. But the nasdaq was the hardest hit, losing 110 points. Thats a drop of more than 2. 5 . And the s p lost almost 24 points. Sheila dharmarajan watched the market drama from the Nasdaq Exchange and explains whats worrying investors. Reporter the selloff was broadbased as 97 of the nasdaq 100 finished the day in the red. Amongst the big losers, biotech stocks. The big run up we have seen in those names losing favor this year. The nasdaq biotech index was down more than 4 on the day. Also highflying socalled momentum stocks, these are stocks that consistently move in a directionmetimes re