US STOCKS sold off yesterday, led by a drop in the Nasdaq, as Apple shares declined and results in tech and biotech names disappointed.
Upbeat economic reports added to uncertainty about the outlook for interest rates, a day after data showed the US economy slowed to a crawl in the first quarter and the Federal Reserve pointed to weakness in the labor market and other areas of the US economy.
Despite the day’s decline, all three major indexes posted slight gains for April.
Yesterday the Dow Jones industrial average fell 195.01 points, or 1.08 per cent, to 17,840.52, the S&P 500 lost 21.34 points, or 1.01 per cent, to 2,085.51 and the Nasdaq Composite dropped 82.22 points, or 1.64 per cent, to 4,941.42.
The day’s data included a report showing the number of Americans filing new claims for jobless benefits tumbled to a 15-year low last week, which suggested the economy is picking up.