Nasdaq Composite Pivots Sharply Lower In Afternoon Trade

By Mark DeCambreMarketsMarketWatch Pulse

The Nasdaq on Thursday afternoon turned sharply lower. The Nasdaq Composite Index was most recently down 70 points, or 1%, as the index was jolted suddenly lower, with some investors and traders citing a combination of concerns about valuations and traders taking some money off the table following a brisk run for the high-flying sector. The abrupt retreat for the tech-centric gauge came as the other main equity benchmarks pared an earlier advance. All three equity gauges notched all-time intraday trading highs at the open, but the S&P 500 index was most recently down 0.4% at 2,466 and the Dow Jones Industrial Average trading flat at 21,724, buoyed by gains in Verizon Communication , while Dow component and tech-giant Apple Inc. , sold off by 2.8%, cutting about 30 points from the blue-chip gauge. The popular tech-focused exchange-traded fund, the Technology Select Sector SPDR ETF , was trading down 1.1% in recent trade.

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