NEW YORK (Reuters)--the Nasdaq sank, leading us stocks lower Monday, as recent winners sold investors in increasing unease with pockets of U.S. economic weakness.
Concerns about the ability of market extended its recent gains have increased. The end under the program of the Federal Reserve next month and the collapse recent prices of raw materials have made investors subject to sell more volatile stocks which exceeded in 2011.
Head of Tech Amazon.com (AMZN).(O) lost 5 per cent to $192.51, with the names of "high-beta" including Priceline.com (PCLN)(O), decreased by 3.3% to $503.38, and Netflix (NFLX).(O), down from 3.8% to $237.09. Priceline is 26 per cent since the beginning of the year, while Netflix is 35 per cent.
Jeffrey Saut, strategist, Chief Investment Raymond James Financial, in St. Petersburg, Florida, said as program for the purchase of the Treasury Board of 600 billions of dollars the Fed has been a close, there is a chance of "the first correction decent (since the rally) because people fear... If the economy will win enough traction" to thrive on its own.
Data showing economic weakness added to the fears. Monday, a gauge of manufacturing in the State of New York moved much more than expected in May to its lowest level in five months, the Federal Reserve of New York said.
Tech and actions related to the consumption were the biggest drags on the S & P 500, and their losses outweighed gains in defensive sectors such as health care and public services.
The S & P is about 27% since the beginning of September.
Still, stocks saw gains in the short term, however, because investors chasing performance can continue to buy.
"You have the... potential for a high intermediate between now and the end of the quarter," jump said.
The Dow Jones industrial average (.)(DJI) decreased from 47.38 points, or 0.38%, to close at 12,548.37. The Standard & Poor 500 Index (.)(SPX) fell from 8 h 30 points, or 0.62 per cent, to end the 1,329.47. Nasdaq Composite Index (.)(IXIC) slid 46.15 points, or 1.63%, to 2,782.31.
Recent price action suggests further weakness of the market, say some analysts. The & S P 500 finished a little below support short-term 1,330, closing at its lowest level since April 19.
"Last week, we had the SOX (semiconductor index) fall and this week, the Nasdaq 100 (.)."(NDX) shows the way to the bottom," said John Kosar, Director of research at the Asbury research in Chicago. "It is the activity low prices, and not the kind of activity associated with a normal and healthy bull market which is subject to go.".
Among a few departmental outcomes more discouraging, Lowe's Cos (low.)(N) reported quarterly profit from lower than expected and cut its forecast for the year, sending shares down 3.6% to $24.84.
Financials helped to stem losses Dow, including American Express (AXP).(N), whose shares gained 1.2% to
$50.07.
In the euro area, the Finance Ministers are likely to plan for the Portugal rescue, return with new conditions defined by the Finland. At a meeting, officials of the euro area had to pressure Greece to announce austerity measures more to secure more funding for emergency.
International Monetary Fund Managing Director Dominique Strauss-Kahn entered a New York Court for arraignment after arrest the week on charges of attempted rape of a servant of the hotel. The case sends shockwaves through the French political circles and the IMF left in turmoil.
Other earnings news, shares of J.C. Penney Co Inc (JCP).(N) fell by 3.2% to $37.21 after store operator reported a quarterly profit higher than shares retraced some of their recent gains.
$ 6.85 Billion were traded on the New York Stock Exchange, NYSE Amex and Nasdaq, compared to the average of 7.73 billion through 2011.
Falling stocks more numerous than those on the NYSE advancing by about 2 to 1 and the Nasdaq, in a proportion of about 4 to 1.
(Reported by Caroline Valetkevitch;) (Editing by Jan Paschal)
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