They recovered a bit in the afternoon and closed almost unchanged.
Tech was helped by Netflix, which reported 'better than expected' earnings per share and more importantly subscriber growth.
What I find interesting is that the discussion on the financial infomercial channel had been centered around who might purchase Netflix? You know, the same sort of talk that had been swirling around Twitter, that died off fairly quickly.
If Netflix is doing so well, why are they being shopped out for acquisition? Could it be that they are at peak valuation, especially with their after hours surge for being 'better than expected?'
And they did indicate that they would be going to the debt markets to raise more money in the next few weeks? Is this just another tech 'growth story' with ever-receding success?
Stocks look very fully valued here, and the economic news is really not all that good from the consumer side despite criticisms and complaining of the faults in the current system and economic conditions being labeled 'anti-American' by the august economist Paul Krugman.
Yes I know, Paul K. has given himself over to hyperbole and dramatic rhetorical devises in the service of politics. And that is what has made economists what some have called a 'disgraced profession.'
There are few things more petty than an academic argument. And nothing more despicable than an academician making political arguments with aspirations for positions and power.
Have a pleasant evening.