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 switch direction and names like netflix, tesla, Green Mountain coffee, Micron Technology all posting losses of 5 or more. And finally, it was a rough day for the large cap tech stocks as well. Stocks like google, amazon and apple, which are heavily weighted on the index, also ended in declines. As for why we saw such a big selloff in the nasdaq today, traders we spoke to said after the 37 gain we saw in the nasdaq last year, its natural to see some pull backs and perhaps investors taking profits or rotating into different parts of the market. A breather as they call it. On a more cautious note, traders do point out the weakness we have been seeing isnt just contained to certain sectors or groups of stocks. The selloff is becoming more and more broaddbased, indicating that overall sentiment could be shifting and perhaps more selling on the way. For nightly Business Report, im sheila daughtharmarajan. Despite todays selloff, more evidence the economy is gathering steam. Pretty solid jobs report for march with 192,000 jobs added to the economy and sharply higher revisions in job gains for the previous two months of this year. And even though half a million more americans began looking for work last month, many of them found jobs, keeping the Unemployment Rate unchanged at at 6. 7 . Hampton pearson has a look at some workers who are benefitting from the growing economy. Reporter the march jobs report shows the economy withstood harsh winter weather, adding more jobs than previously thought in january and february. Up 37,000 for the two months with a revised february headline number topping 197,000, which also topped todays report. Half a million americans got back in the labor force last month, and most of them found work. Thats a sign that people think they can find work. And we know because the Unemployment Rate stayed steady that they actually were able to find work. So were getting into those people now, were beginning to pull those people back into the labor force. Reporter the job gains were broadbased. Professional and Business Services adding 57,000 workers to payrolls, foodservices and drinking places up 30,000, both construction and health care adding 19,000 workers. When we look at the composition of job growth in this report, it was extraordinarily broadbased, almost every sector added jobs. Reporter in fact, says the bureau of labor statistics, since 2010 the private sector has added 8. 9 million jobs, making up for all those lost during the recession. In the washington, d. C. Area, bus boys and restaurants are part of that recovery. Since opening their doors in 2005 with just 30 employees, they now have five locations and more than 500 workers. Combining bookstores with a heavy emphasis on black literature in a restaurant attracting a diverse audience. Weve grown because of the need of the community. Were a place where people can gather, a place that looks and feels like washington, a place that has a lot of history in it, a lot of culture. People are hungry for this kind of an environment where they can come and connect with each other. Reporter among the new hires, denasha bullet, who joined the straightiadministrat in february. Even now the anxiety of what it was like to be unemployed has not completely gone away. You start to question everything. You start to question what skills have you actually acquired . Has it been enough . Does your resume really reflect what youre capable of doing, and is the resume enough . You begin to really wonder like what can you do . And when will the door open . And when will somebody finally give you that chance. Reporter businesses large and small hope the broadbased job gains in march will lead to more Consumer Spending in the months ahead. For nightly Business Report, im Hampton Pearson in washington. With more analysis on todays market action, the head of u. S. Equity and quantitative strategy at bank of America Merrill lynch. Savita, weve had some choppy trading over the last couple of days. But there was something we sure have. Pardon . We sure have. But there was Something Different about todays selloff. Whats changed . Why now . You know, im not sure if it was sort of some signs of it Building Momentum in the economy. And i am terrible at kind of diagnosing one days performance. But i do think that what weve seen over the last well call it a couple of quarters has been rotation out of stocks that have been helped by falling Interest Rates like your higheryielding areas of the market or your super high growth areas of the market, into maybe some of the more beaten down, cheaper, cyclical names that could actually start to show some signs of strength in an economic recovery. In a way what i think is happening is that a lot of these stocks that are very expensive like todays move, you saw a lot of really expensive, high growth names get hurt the most. And in a way, that makes sense to me. Because if we are in this economic recovery and growth is going to accelerate, why pay these really high multiples for scarce growth if all of a sudden you can get a growth pretty much everywhere in these cheaper, unloved, Cyclical Companies that havent really done much of anything for the last few years now. So i think that might be a little bit of whats going on. Granted, the moves have been very violent. Some of the data we look at suggests its less about selling single stocks and more about etfs selling. So i dont know if its really fundamentally driven. It might just be liquidating large positions in etfs. So whats the individual investor supposed to do through a this, savita . If the momentum stocks are losing that momentum the high flyers, internet, technology, biotext, and theyre going to take the market with it do you start to scoop up those undervalued stocks . Or do you wait for the selloff to end . I think that its tough to call the end of a selloff. I think at this point there are some high flyers that actually look reasonably valued. And it becomes a much more of a soft pickers market to your point. But i do think that behind the scenes we are undergoing a big rotation within the equity markets. So the way to make money for the last few years was by buying either high yields, no growth, or by buying high growth, no yielden stocks. It was kind of like going out to the extremes was the way you did really well. Because we were in an environment where yield and growth were both very scarce. But now youre starting to see some Interest Rate up side pressure. Youre starting to see some momentum in the economy. Hopefully this lasts. And in that backdrop i think we could see this rotation that weve been seeing a little bit of a glimpse often. We have about half a minute left. Real quickly, next week really begins earnings season. Do you think that what we hear from ceos especially about the outlook for the rest of the year could change the tone of trading for the better or for the worse . You know, i think that the forwardlooking guidance is going to be important. And i also think that what companies are going to be doing with cash is going to be a big driver. I see the market the economy as shifting from fed easing to Companies Spending money on capex or hiring. I think that could be the next leg of economic growth. Thats what were looking to hear from companies over the next couple of quarters. Savita, thank you so much. From bank of america, merrill lynch. Now to general motors, a federal judge in texas has refrained from issuing an emergency order that would have parked more than 2. 5 million g. M. Cars that have already been recalled for defective engine switches. According to reuters, the judge needs more time to study the briefs and will make a decision in the coming days. Everybodys been waiting for that decision to come out. Meantime, socalled High Frequency trading is still in the spotlight. The Justice Department now announcing an investigation into possible have hadd possible Insider Trading charges. U. S. Attorney general eric older says they need to insure the integrity of the financial markets. This practice, which consists of Financial Brokers and trading firms using advanced computer algorithms and ultrahighspeed Data Networks to execute trades has rightly received scrutiny from regulators. I can confirm that we at the United States department of justice are investigating this practice to determine whether it violates Insider Trading laws. And this comes just days after the fbi announced its own investigation into possible illegal activity by High Frequency traders. Eamon javers joins us now from washington with more on this story. Eamon, what do we know about the investigation so far . Reporter well, we knew earlier in the week as you mentioned that the fbi in new york was looking into this. They actually put out a 212 area code phone number for people with tips on High Frequency trading to call them. But this really rachets it up to the level of the attorney general of the United States, a much different degree of scrutiny here. We also know that the new York Attorney general is looking into this. And the s. E. C. Says its got a detailed and datadriven investigation of its own. We havent seen much publicly from them on this. But maybe were about to see a lot more. So weve got a couple of these investigations going on, eamon. What is this justice one going to be looking into that might be different from the fbis and the s. E. C. . Reporter i think the s. E. C. Is looking at civil issues. What the department of justice is looking into is whether theres any criminal violation, whether anybody actually violated Insider Trading law. Now, weve known for a long time that you can trade on a millie second level and execute trade that fast. Can you insider trade on an milisecond level. Does that knowledge on that millisecond level basis count as Insider Trading knowledge. No easy answers to all these tough questions. Eamon javers reporting from washington. Still ahead on nightly Business Report, our market monitor guest says todays pull back is healthy. And he has a list of stocks you might want to consider investing in. Todays strong jobs report for march really belies an ongoing problem that many u. S. Manufacturers face, and that is finding enough skilled workers. And as part of our ongoing series, where the jobs are, Mary Thompson now reports from houston, texas where National Oil Well varco brought employee training in house developing their own pipeline of talent. Reporter 24 feet above ground, Service Technicians in training are getting a lesson in safety. This training required at National Oil Well barko Technical College in houston. I think we could grow a little faster if we could source great employees. Ceo Clay Williams says Technical Colleges are helping to solve a problem detected seven years ago when it faced a jump in demand for the multimillion dollar Drilling Systems is makes and a shortage of skilled workers to repair, install and maintain them. We try to take people with a different background, with different skills, and teach them the skills they need to progress in this field. Reporter Paul Gunderson is a trainer at the college. Over 6 to 12 months his students take classes in hydraulics, electronics and mechanics. In a simulator, they learn the Software Systems controlling novs Drilling Systems. And the high training that you see behind me . Well, that assures emplnov thei workers are competent. 43yearold mark evans is a military veteran. He entered the program in february. I like to be the guy on the spot. Reporter a trait nov cant teach but wants to see in employees who will be solving problems for clients, losing millions of dollars if they cant drill. Victor soto, a project coordinator who went through the college, says the depth of training he received helped build a strong bond with clients. I want them to trust us, to come to us for anything in general. Anything nov related, twlooer to help. Reporter the Training Program success is not without some draw backs. It can be hard to keep them. One of the things that we do, we ask each of these new employees to enter into an agreement with us. Reporter the agreement is, trainees stay on the job for three years or repay nov the estimated 70,000 it took to train them. If they stay theyre paid to attend classes and get a raise once theyre in the field. We typically start in the 50 to 60,000 per year range, and then after they leave the tech colleges and move out into the workforce at nov, their total compensation can approach six figures. Reporter n ov spends 50 million each year on training. And investment returning a steady flow of skilled workers to fuel its growth. In houston, texas, im Mary Thompson for nightly Business Report. And for more on how National Oil Well varco is retaining and training skilled workers you can head to our web site for another information, nbr. Com. Two ipos bucked todays selloff. Thats where we begin tonights market focus. First of all, grubhub priced its shares above the expected range at 26 each at its current price the company is valued at nearly 3 billion. The ceo says grubhub is trying to change the way people order take out. Theres 70 billion annually in take out spend in the u. S. Of that, 3 is placed on line in any way. So really what were doing, were trying to accelerate thane he inevitable conversion. Shares surge about 31 to 34. Now ims health also popped in its trading debut. This Health Care Company provides data and Consulting Services to drugmakers and health care providers. It priced at 20 a piece. Shares here jumped 15 to 23. Meantime, shares of mylan surged after the Pharmaceutical Company made a bid for swedish drugmaker meta. The combination would have created a 24 billion generic drug group but meda rejected that offer. Shares were higher finishing up 1. 5 to shares of amgen tumbled after the companys melanoma drug failed to improve survival rates in patients in a latestage study. Treatment is able to shrink tumors as the Company Previously reported, but its inability to improve survival rates has worried investors. That stock fell 4 as a result to 119. 11. Our market monitor tonight says the bull market is still alive and pull backs will be shortlived. Hes hank smith, chief Investment Officer at haverford investments. Hank, why should investors feel good about these pull backs . Pull backs and corrections are a healthy process of a normal bull market. Theyre used really theyre healthy really because they flush out excesses. And thats exactly what is happening today, susie. Look at the nasdaq. Look at the former high flyers in biotechs and social media. They are getting their socks knocked off them. That is good. Thats really where the only speculative excesses have been. Will this carry into next week . Perhaps. But we do think it will be shortlived because theres a ton of cash on the sidelines that has missed this bull market, and theyre looking to get in. Lets pin you down, hank, on what you would buy right now. If these are stocks that you like you can give us a sense of why you like them. Theyre all brand names. Starting with ww granger. Sure. So theyre a leading distributor of maintenance and repair and operating products. They have number one share in the United States, which is only 6 , so theres plenty of room to grow through acquisitions. Its not a capital intensive business, so they throw off a lot of free cash flow, which theyve used to increase their dividend for 41 consecutive years and reduced their share count by 10 over the last five years. So we think this is a good entry point here for longterm investors for really a three to fiveyear hold. Tell us about anheuserbusch. Looking at the stock its trading today at the same price it was on janua