US stocks dipped on Thursday, with the Nasdaq underperforming other major indexes, as investors once again sold high-flying tech and biotech shares and bought defensive sectors. Biotech and large technology stocks, some of the biggest gainers in 2013, slumped on Thursday. Both the Nasdaq biotechnology index and the NYSEArca biotech index lost more than 3 percent. The S&P technology sector shed 1.2 percent as one of the worst-performing S&P sectors.
Google Inc, which was down 2.8 percent at $548.62, and Biogen Idec Inc, down 2.9 percent at $292, were among the biggest drags on the S&P 500. The Dow Jones industrial average fell 118.96 points or 0.72 percent, to 16,318.22, the S&P 500 lost 21.39 points, or 1.14 percent, to 1,850.79 and the Nasdaq Composite dropped 91.472 points, or 2.19 percent, to 4,092.428. Bed, Bath & Beyond shares slumped 6.4 percent to $63.56 as the worst performer on both the S&P 500 and Nasdaq 100 indexes after the domestic merchandise retailer reported fourth-quarter earnings.
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