Nasdaq Just Plummeted And Everyone's Asking The Same Question - HuffPo [View all]

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Nasdaq Just Plummeted And Everyone's Asking The Same Question
The Huffington Post | by Mark Gongloff
Posted: 04/10/2014 2:59 pm EDT Updated: 04/10/2014 5:59 pm EDT

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The stock market got completely kerslammered on Thursday, and the kerslammering might not be done.

The punishment started on the Nasdaq, which sank 3.1 percent, its worst day since November 2011. The selloff metastasized and took down the Dow Jones Industrial Average, which fell 1.6 percent, and the Standard & Poor's 500-stock index, which fell 2.1 percent. Here's a look at the day's trading in the Nasdaq:



There's been lots of yammering in the market for a while now about how tech stocks are in a bubble that is due for bursting, and we could be witnessing the start of that. Funny enough, tech stocks actually weren't the worst performers in the Nasdaq on Thursday. That unwelcome honor went to biotechnology stocks: The Nasdaq Biotech index was bulldozed 5.6 percent.

Still, this bloodshed comes just a month after the Nasdaq hit a 14-year high and the other major stock measures hit new records. Venture capitalists are handing out billion-dollar valuations to any brogrammer with half a dream, and the market for new stocks is hotter than it has been since the end of dot-com boom.

Thursday's rout was the resumption of one that started about a month ago, but has...

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More: http://www.huffingtonpost.com/2014/04/10/nasdaq-worst-day-2-years_n_5127991.html