Wall Street Tumbles as Techs Hit
    2014-04-05 05:56:54     Xinhua      Web Editor: Luo Dan
U.S. stocks slumped after the Dow Jones Industrial Average and the S&P 500 briefly touched record intraday highs earlier Friday, as the sell-off of tech shares weighed on the market.
U.S. stocks slumped after the Dow Jones Industrial Average and the S&P 500 briefly touched record intraday highs earlier Friday, as the sell-off of tech shares weighed on the market.

The blue-chip Dow slipped 159.65 points, or 0.96 percent, to 16, 412.90. The S&P 500 plunged 23.68 points, or 1.25 percent, to 1, 865.09. The Nasdaq Composite Index plummeted 110.02 points, or 2. 60 percent, to 4,127.73.

The tech-rich Nasdaq dipped to a two-month low, as momentum stocks including Tesla, Netflix and Amazon were again sold by smart money, which chose to take risks off the table, awaiting more evidence from an upcoming new round of corporate earnings season to justify the bullish market.

The market initially moved higher, with both the Dow and the S& P 500 setting record highs of 16,631.63 and 1897.28, respectively, following the release of goldilocks U.S. non-farm payroll report in March before the opening bell.

U.S. total non-farm payroll employment added 192,000 in March, and the unemployment rate was unchanged at 6.7 percent, the Labor Department said Friday. Economists had expected the employment to increase 206,000 in the month and the unemployment rate to fall to 6.6 percent.

"Undoubtedly, there was some catch-up in hiring following the inclement weather this winter. Still, the underlying hiring trend is encouraging, with more good news expected this spring and summer," said Kathy Bostjancic, director of macroeconomic analysis of the Conference Board.

Though trailing economists' forecast, the jobs report is not considered to alter the Federal Reserve's tapering progress, as it suggested that world's largest economy is still strengthening, which had propelled major indices to rewrite record book repeatedly in the past couple of weeks.

On a weekly basis, the market closed at mixed territory, with the Dow logging a three-week winning streak, up 0.6 percent, the S& P 500 jumping 0.4 percent and the Nasdaq dropping 0.7 percent. 
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