Nasdaq leads U.S. stock drop with 2.6% loss NEW

Nasdaq leads U.S. stock drop with 2.6% loss
NEW YORK (MarketWatch) — Heavy selling in momentum stocks such as biotechs and Internet companies on Friday curtailed an early rally, sending the Nasdaq Composite to its worst day in two months. The markets opened higher following a government report showing a steady pace of jobs growth, lifting both the S&P 500 and the Dow Jones Industrial Average to intraday highs. But early gains soon dissipated. The Nasdaq Composite fell 110.01 points, or 2.6%, to 4,127.73. Friday’s losses resulted in a second weekly loss in a row. S&P 500 (SNC:SPX) ended the day 23.68 points, or 1.3%, lower at 1,865.09. The benchmark index eked a small gain over the week. The Dow Jones Industrial Average (DJI JIA) dropped 159.84 points, or 1%, to 16,412.71 and is 0.5% higher on the week.