US market indexes slump, extending declines to a 3rd day
Source: AP-Excite
By MATTHEW CRAFT
NEW YORK (AP) — Investors dumped high-flying technology and biotech companies and sent the stock market down for a third straight day Wednesday.
Major indexes drifted lower in early trading, following news that orders for long-lasting U.S. goods sank last month. The selling gathered strength in the afternoon, with companies like Avago Technologies and Skyworks Solutions losing the most.
Peter Cardillo, chief market economist at Avalon Partners, a New York brokerage, said the market's fall was driven by big investors selling some of their winnings before the first quarter closes next week. The drop in factory orders also raised concerns that a slowdown in economic activity could continue.
"A weak first quarter could spill into the second quarter," Cardillo said, "and that probably leads to a poor earnings season."
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FILE - This July 15, 2013, file photo, shows a sign for Wall Street outside the New York Stock Exchange, in New York. The stock market drifted lower, Wednesday, March 25, 2015, following a drop in durable goods orders and news of a big merger between Kraft and Heinz. (AP Photo/Mark Lennihan, File)
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