Tech stocks take another hit, sending Nasdaq to a 3rd straight losing week; JPMorgan, banks slide

4/11/2014
ASSOCIATED PRESS

NEW YORK — Technology stocks dropped for a second day in a row as investors flee high-flying Internet and biotechnology companies.

The Nasdaq composite closed out its third losing week in a row.

The Nasdaq lost 54 points, or 1.3 percent, to end at 3,999 today. It was only the second time this year the index has closed below 4,000. It’s down 8 percent from the high it reached in early March.

The Standard & Poor’s 500 fell 17 points, or 1 percent, to 1,815. The Dow Jones industrial average fell 143 points, or 0.9 percent, to 16,026.

JPMorgan Chase fell 4 percent after reporting weaker earnings. Other big banks also fell, including Bank of America.

Bond prices rose. The yield on the benchmark 10-year Treasury note fell to 2.62 percent.