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

4/11/2014
ASSOCIATED PRESS
  • Wall-Street-642

    Specialist Anthony Rinaldi works at his post on the floor of the New York Stock Exchange, Friday, April 11, 2014. Weaker earnings at JPMorgan Chase are dragging bank stocks lower in early trading.Technology and biotech stocks also fell, a day after the worst rout for the Nasdaq composite index since 2011.(AP Photo/Richard Drew)

    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.