Tech stocks, once highfliers, drop; Nasdaq sinks
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A slump in Internet and other tech stocks pulled the broader market lower, as traders took profits from the same companies, like Google and Netflix, they invested in earlier this year. One observer said high-price concerns may have spooked some. And a jobs report failed to give the markets some direction. Utilities, however, bucked the trend and edged higher. Coca-Cola, J&J, and other less volatile big players also gained. Earlier in the week, a string of reports on manufacturing and hiring nudged the stock market to record highs. Among commodities, crude oil rose 85 cents to $101.14 a barrel and gold rose $18.90 to $1,303.50 an ounce.
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