Tech stocks, once highfliers, drop; Nasdaq sinks

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Photo - Trader William McInerney, center, works  on the floor of the New York Stock Exchange Friday, April 4, 2014.  Stocks are edging mostly higher in early trading Friday after the government reported that U.S. employers added to their payrolls last month. (AP Photo/Richard Drew)
Trader William McInerney, center, works on the floor of the New York Stock Exchange Friday, April 4, 2014. Stocks are edging mostly higher in early trading Friday after the government reported that U.S. employers added to their payrolls last month. (AP Photo/Richard Drew)
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NEW YORK (AP) — Technology stocks are sharply lower as traders dump big-name companies that had made huge gains.

Facebook, Google and Netflix — all big winners over the past year — fell sharply, contributing to a rout in the technology sector. Biotech companies, another recent favorite, also took a beating.

The tech-heavy Nasdaq composite plunged 110 points, or 2.6 percent, to 4,127, its biggest drop in two months.

Other major indexes fell, but not nearly as much.

The S&P 500 index fell 23 points, or 1.3 percent, to 1,865. The index traded at an all-time high earlier in the day.

The Dow Jones industrial average lost 159 points, or 1 percent, to 16,412.

As traders dumped tech stocks, they shifted money into less volatile companies like Coca-Cola, Johnson & Johnson and utility stocks.

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