Kokomo Tribune; Kokomo, Indiana

National news

April 12, 2014

Technology stocks falling for 2nd day in a row

NEW YORK (AP) — Technology stocks are dropping for a second day in a row as investors flee highflying Internet and biotechnology companies. Weaker earnings at JPMorgan Chase are dragging bank stocks lower in late afternoon trading, helping to push all three major indexes lower.

KEEPING SCORE: The Nasdaq composite index dropped 44 points, or 1.1 percent, to 4,010 as of 3:23 p.m. Eastern time. The Standard & Poor's 500 fell 11 points, or 0.6 percent, to 1,821. The Dow Jones industrial average fell 96 points, or 0.6 percent, to 16,076.

TECH TURMOIL: Information technology stocks in the S&P 500 fell 1 percent, the second worst drop among the 10 industry groups that make up the index. The worst was consumer discretionary stocks, down 1.2 percent.

Earlier in the day, some stocks that had been crushed when Nasdaq's plunged on Thursday staged a comeback. But they reversed course later in the day. Facebook, after rising earlier in the day, fell $1, or 1.7 percent, to $58.16.

The Nasdaq dropped 3.1 percent on Thursday, the biggest fall since 2011. It is heading for its third straight weekly loss and is down 8 percent from the recent peak it reached five weeks ago.

BANK EARNINGS: JPMorgan Chase fell $1.87, or 3 percent, to $55.53 after the bank missed analysts' earnings estimates. The nation's biggest bank by assets said its earnings fell 20 percent in the first quarter as revenue from bond trading and mortgage lending fell.

"They're just struggling to grow, and then they didn't have the strength out of the investment bank to help offset that," said Shannon Stemm, financial services analyst for Edward Jones. "All around, it's just a lackluster quarter for them."

Wells Fargo rose 67 cents, or 1.4 percent, to $48.38 after it beat earnings estimates.

RETAILER ROUT: Gap fell 98 cents, or 2.5 percent, to $38.31. The San Francisco-based company, which owns the Gap, Banana Republic and Old Navy brands, said revenue for stores open at least a year fell 6 percent.

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