News Column

Nasdaq Remains In The Red As Dow And S&P 500 Return To Positive Territory

May 7, 2014



WASHINGTON (Alliance News) - After ending the previous session sharply lower, stocks have seen considerable volatility over the course of the trading day on Wednesday. The major averages have shown big swings back and forth and are currently turning in a mixed performance.

While the Dow and the S&P 500 have bounced back into positive territory, the Nasdaq remains down 24.48 points or 0.6% at 4,056.28. The Dow is up 108.46 points or 0.7% at 16,509.48, and the S&P 500 is up 7.64 points or 0.4% at 1,875.36.

Substantial weakness among electronic storage stocks is weighing on the tech-heavy Nasdaq, with the NYSE Arca Disk Drive Index plummeting by 4.4%. With the steep drop, the index has fallen to a six-month intraday low.

Within the storage sector, shares of Datalink (DTLK) have plunged by 25.9% after the company reported weaker than expected first quarter results and provided disappointing guidance.

Internet stocks are also seeing considerable weakness, resulting in a 2.1% drop by the Dow Jones Internet Composite Index. Earlier in the session, the index hit its worst intraday level in almost seven months.

Daily deal website Groupon (GRPN) is leading the internet sector lower, tumbling by 19.5% after forecasting second quarter earnings below analyst estimates.

Gold, biotechnology, and software stocks also remain under pressure in mid-day trading, while notable strength has emerged among utilities and tobacco stocks.



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Source: Alliance News


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