September 2, 2014
Tech leads Wall St lower as Ukraine casts a shadow
US stocks fell today, with some of the market's recent best performers like technology and biotech shares leading the way down.
Concerns that the crisis in Ukraine could escalate gave investors a reason to drop some of the market's biggest trading favorites. The Nasdaq fell below its 50-day moving average earlier, in a sign of weakening near-term momentum.
Netflix Inc tumbled 6.7 percent to close at $378.90, with fellow Internet names Facebook Inc down 4.7 percent at $64.10 and TripAdvisor Inc down 3.9 percent at $97.58. All three had scored sharp gains in 2013.
The Dow Jones industrial average fell 26.08 points or 0.16 percent, to end at 16,276.69. The S&P 500 dropped 9.08 points or 0.49 percent, to finish at 1,857.44. The Nasdaq Composite slid 50.403 points or 1.18 percent, to close at 4,226.385.
European stocks fell, trimming last week's lofty gains as concern over events in Ukraine and China's flagging manufacturing activity pegged a key index back from the top of its recent range.
The FTSEurofirst 300 closed down 1 percent at 1,293.73 points, bringing it back from the top end of the 125-point range it has traded in for the last five sessions.Japan's Nikkei share average climbed 1.8 percent today, bouncing off from a six-week low on the back of a tentative recovery in risk appetite, though underlying concerns about Japan's economic outlook kept gains in check.
The benchmark Nikkei gained 251.07 points to 14,475.30, completely reversing the previous session's losses, after a market holiday on Friday. Still, the index was down more than 11 percent since the start of this year, likely heading for its first quarterly decline in 1-1/2 years.