April 10, 2014 -- 4:15 p.m. - 04/10/14

Stocks suffered a setback on Thursday. The Dow was down 266 points to 16170. The S&P 500 fell 39 points to 1833. The NASDAQ lost 129 points to 4054, its largest decline since November 2011.

The major averages dropped and erased a two-day advance amid a resumed selloff in momentum stocks. Health care was the worst performing group as biotechnology stocks slid. Gilead Sciences lost 6.7% to $65.90 and Amgen fell 4.4% to $114.73. Losses in technology also dragged the market lower. Microsoft declined 2.6% to $39.44 while Facebook dropped 4.8% to $59.41. Consumer stocks were also under pressure. Bed Bath & Beyond fell 6.3% to $63.62 after the retailer reported weak same-store sales and delivered a disappointing first-quarter outlook.

Earnings results will stay in focus as tomorrows profit tally from JPMorgan kicks off the reporting season for banks. The defensive telecommunications sector was the relative outperformer as it finished only marginally lower. AT&T gained 0.9% to $35.22 and Windstream Holdings jumped 2.5% to $8.75.

NYSE Composite volume totaled more than 3.7 billion shares. On the NYSE, decliners beat advancers by 7-2 on issues and 8-1 on volume. The NASDAQ was 7-1 negative on issues and on volume.

Treasury prices rallied and a government auction of 30-year debt attracted above average demand. The 10-year note gained 12/32 to yield 2.64%. The 30-year bond rose by a full point to yield 3.52%.

This information is obtained from sources and data considered to be reliable, but its accuracy and completeness is not guaranteed by Wells Fargo Advisors.Wells Fargo Advisors is the trade name used by two separate registered broker-dealers: Wells Fargo Advisors, LLC and Wells Fargo Advisors Financial Network, LLC, Members SIPC, non-bank affiliates of Wells Fargo & Company.

 

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