US STOCKS SNAPSHOT-Nasdaq slumps 1 pct as momentum names drop

Reuters - UK Focus

NEW YORK (Frankfurt: HX6.F - news) , April 4 (Reuters) - The Nasdaq fell 1 percent onFriday, reversing earlier gains as shares of some of the index'sbiggest recent out-performers dropped dramatically.

Losses were limited in the Dow and S&P 500, with investorscontinuing to digest the March payroll report, which came inweaker than expected but still indicated the economy was gainingmomentum.

Internet and biotech companies were the day's biggestlosers. Intuitive Surgical (NasdaqGS: ISRG - news) fell 5 percent to $513.42while Alexion Pharmaceuticals (NasdaqGS: ALXN - news) slid 4 percent to$145.37. TripAdvisor Inc (NasdaqGS: TRIP - news) sank 5 percent to $86.75 andNetflix Inc (NasdaqGS: NFLX - news) shed 3.8 percent to trade at $341.39.

"The market hasn't rolled over, but these bigger high-flyersare taking it on the chin, which suggests some people arechanging their ideals," said Michael Matousek, head trader atU.S. Global Investors Inc in San Antonio. "They don't want to bein growth names, they want to be more defensive."

The Dow Jones industrial average was down 14.89points, or 0.09 percent, at 16,557.66. The Standard & Poor's 500Index was down 3.72 points, or 0.20 percent, at 1,885.05.The Nasdaq Composite Index was down 58.08 points, or1.37 percent, at 4,179.66.

Indexes remain positive for the week, with the Dow up 1.4percent, the S&P up 1.5 percent and the Nasdaq up 0.6 percent. (Reporting by Ryan Vlastelica; Editing by Bernadette Baum)

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