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Rep. Henry Waxman

Don't Panic Over the Recent Tech Turmoil

U.S. investors have understandably been disturbed by the dramatic selling that has slapped down high-flying momentum stocks in the Internet and biotech sectors.Tesla (NASDAQ:TSLA), Netflix (NASDAQ:NFLX) and Facebook (NASDAQ:FB), all among the biggest winners in 2013, have plunged more than 20% from recent highs, tumbling into bear market territory. The carnage has prompted some to worry this is just the first shoe to drop before a more prolonged slump that hits the broader markets.But not all pullbacks are unhealthy. In fact, some veteran observers said the sell off in momentum stocks may actually be a longer term positive for investors because it lowers the chances of a melt-up, or bubble, in prices. Plus, the resulting focus on value stocks may signal renewed confidence in the U.S. economy."It still looks like a healthy internal correction that might actually be good for the longevity of the bull market," Ed Yardeni, president of investment advisory Yardeni Research, told clients in ...

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