A twitchy stock market closed lower yesterday off bad tech company news, eliminating promising gains earlier in the week, after disappointing earnings reports from major companies.
The Nasdaq composite index fell 72 points — 1.8 percent — while the Standard & Poors 500 and Dow Jones industrial average both dipped almost 1 percent.
"The market is in a precarious position at the moment, and overreacts to bad news far more than it did last year," said Scott Clemons, chief investment strategist at Brown Brothers Harriman.
Technology stocks fell across the board, on the back of a disappointing earnings report from Amazon.
The company fell 10 percent after telling investors that the second quarter will likely lead to an operating loss. Netflix, Facebook and Twitter also dropped yesterday.
Also contributing to the losses were renewed fears over the economic impact the conflict in Ukraine could have.
"Russian troops are massing up at the Ukrainian border, which is enough to make people nervous about anybody with business activities in Europe," said Tom Stringfellow, president and chief investment officer of Frost Investment Advisors.
The Nasdaq had been up 0.7 percent this week before yesterday.
Herald wire services contributed to this report.
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