US STOCKS-Momentum stocks sell off for 2nd day; Nasdaq down 2 pct

viernes 4 de abril de 2014 13:59 GYT
 

* Payrolls roughly in line with expectations

* E*Trade and Netflix weigh on S&P 500 and Nasdaq

* Mylan up on report of Meda AB buy

* Dow off 0.5 pct; S&P 500 off 0.9 pct; Nasdaq down 2.4 pct (Updates to afternoon, changes byline)

By Caroline Valetkevitch

NEW YORK, April 4 (Reuters) - The Nasdaq tumbled more than 2 percent on Friday as momentum stocks like Netflix and TripAdvisor sold off for a second straight session.

The big drop in momentum stocks overshadowed the day's relatively strong March jobs data, which helped the Dow and S&P 500 hit intraday record highs early in the session.

Momentum names - typically high-growth companies mostly in the tech and biotech sectors that led 2013's rally - have sold off in recent weeks but appeared to stabilize earlier this week.

Two weeks ago, a drop in Gilead Sciences' stock, after U.S. lawmakers asked it to explain the $84,000 price tag of its new hepatitis C drug Sovaldi, set off a wave of losses in other biotech and momentum names.   Continuación...