STOCKS TURN UGLY
U.S. stocks opened sharply lower on Thursday as a decline in Facebook shares pressured the broader technology sector.
The Dow Jones industrial average pulled back 319 points. The S&P 500 declined 1.2 percent, with tech dropping 1.4 percent. The Nasdaq composite fell 1.3 percent.
Facebook dropped more than 2 percent after CEO Mark Zuckerberg broke his silence over news that data research firm Cambridge Analytica gathered data from 50 million Facebook profiles without the permission of its users.
In an interview with CNN, Zuckerberg said it had been "a major breach of trust, and I'm really sorry that this happened." Shares of Facebook have been under pressure all week, sliding 8.5 percent through Wednesday's close.
The PowerShares QQQ Trust (QQQ), which tracks the tech-heavy Nasdaq 100 index, dropped 1.4 percent, breaking below its 50-day moving average, a key technical level.
"Up until last week, the Tech sector had been a workhorse, leading the stock market higher," Ed Yardeni, president and chief investment strategist at Yardeni Research, said in a note Thursday. " Since the Tech sector peaked on March 12, the picture is bleaker."Read More...