U.S. stocks fall as tech-led selloff extends; Dow down 1.02%


Investing.com -

Investing.com - U.S. stocks carried last week's selloff into Monday as investors continued to ditch technology shares on sentiments prices rose too high over the past year's bull market.

At the close of U.S. trading, the Dow 30 ended the session down 1.02%, the S&P 500 fell 1.08%, while the Nasdaq fell 1.16%.

Investors continued to ditch technology stocks for a third consecutive session and jumped to the sidelines to await first-quarter earnings, which brought down broader stock indices.

Weak employment figures released on Friday bruised stocks as well.

The Department of Labor reported Friday that the U.S. economy added 192,000 jobs in March, missing expectations for a 200,000 increase. February's figure was revised up to 197,000 from 175,000, while January's figure rose to 144,000 from 129,000.

The private sector added 192,000 jobs last month, below expectations for a 195,000 rise, while February's figure was revised up to 188,000 jobs added from a previously estimated 162,000 increase.

The report also showed that the U.S. unemployment rate remained unchanged at 6.7% last month compared to expectations for a 6.6% reading.

While the numbers still depict an economy that is improving, the figures were not strong enough to steer investors' attention away from tech stocks.

Still, some tech stocks closed in positive territory after bottom fishers jumped in and snapped up nicely priced shares late in the trading session.

Leading Dow Jones Industrial Average performers included International Business Machines (NYSE:IBM), up 1.42%, Intel Corporation (NASDAQ:INTC), up 1.24%, and Coca-Cola Enterprises Inc (NYSE:CCE), up 1.06%.

The Dow Jones Industrial Average's worst performers included Pfizer Inc (NYSE:PFE), down 2.97%, Goldman Sachs Group Inc (NYSE:GS), down 2.89%, and American Express Company (NYSE:AXP), down 2.87%.

European indices, meanwhile, finished lower.

After the close of European trade, the DJ Euro Stoxx 50 fell 1.34%, France's CAC 40 fell 1.08%, while Germany's DAX fell 1.91%. Meanwhile, in the U.K. the FTSE 100 fell 1.09%.

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