Policy: Economy

Tech stocks slide again; Nasdaq falls for 3rd week

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Photo - Traders work on the floor of the New York Stock Exchange, Friday, April 11, 2014. Weaker earnings at JPMorgan Chase are dragging bank stocks lower in early trading.Technology and biotech stocks also fell, a day after the worst rout for the Nasdaq composite index since 2011.(AP Photo/Richard Drew)
Traders work on the floor of the New York Stock Exchange, Friday, April 11, 2014. Weaker earnings at JPMorgan Chase are dragging bank stocks lower in early trading.Technology and biotech stocks also fell, a day after the worst rout for the Nasdaq composite index since 2011.(AP Photo/Richard Drew)
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NEW YORK (AP) — Technology stocks are dropping for a second day in a row as investors flee highflying Internet and biotechnology companies.

The Nasdaq composite closed out its third losing week in a row.

The Nasdaq lost 54 points, or 1.3 percent, to end at 3,999 Friday. It was only the second time this year the index has closed below 4,000. It's down 8 percent from the high it reached in early March.

The Standard & Poor's 500 fell 17 points, or 1 percent, to 1,815. The Dow Jones industrial average fell 143 points, or 0.9 percent, to 16,026.

JPMorgan Chase fell 4 percent after reporting weaker earnings. Other big banks also fell, including Bank of America.

Bond prices rose. The yield on the benchmark 10-year Treasury note fell to 2.62 percent.

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