Excerpt
JUDY WOODRUFF (NewsHour): Wall Street extended its decline today following a major sell-off Thursday that included the single worst day for the NASDAQ since 2011.
The technology-heavy index has dropped more than 8 percent from the high it reached after the dot-com bust of 2000. Today, the NASDAQ fell another 54 points to close below 4,000 for only the second time this year. The Dow Jones industrial average lost 143 points to close at 16,026. And the S&P was down 17 at 1,855 — at 1,815, its lowest level in two months.
There are questions now about whether the long market rally may have hit a wall.
Hari Sreenivasan picks up on that and the specific concerns in tech and biotech.
HARI SREENIVASAN (NewsHour): I am joined now by Hugh Johnson. He’s a market analyst and runs his own investment management firm.
So, Hugh, first off, what’s happening with these tech stocks and, maybe more specifically, the biotech ones?
HUGH JOHNSON, Hugh Johnson Advisors: Well, if you take a look at market history, you know, what we have had more recently, as Judy suggested, is right on.
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