The Nasdaq Composite slipped 1.1%. The Standard & Poor’s 500 Index gained 0.2% to 1,871.23, after briefly dropping below its average trading level for the past 50 days. The Dow Jones Industrial Average gained 87.44 points, or 0.5%, to 16,488.46.
The Nasdaq Composite Index (CCMP) fell as Yahoo! Inc. and Groupon Inc. led a selloff in Internet stocks for a second day, overshadowing a statement by the Federal Reserve that it will continue to support the U.S. economy.
The Dow Jones Internet Composite Index dropped 2.9% to the lowest level since October.
Groupon fell 19% as sales and profit projections trailed some estimates.
Yahoo slumped 6.8% as Alibaba Group Holding Ltd. filed for a U.S. initial public offering.
Whole Foods Market Inc. declined 19% after cutting its 2014 profit forecast for a third time because of increasing competition.
Electronic Arts (EA) jumped 18% after reporting better-than-forecast results.
The Dow Jones Internet Composite Index extended yesterday’s 35% decline that was led by an 18% plunge in Twitter Inc.
Groupon (GRPN), which operates a website offering daily deals, dropped 19%. For the second quarter, the Chicago-based company forecast $725 million to $775 million in revenue and adjusted earnings of zero to 2 cents a share. Analysts estimated sales of $754.4 million and an adjusted profit of 3 cents a share.
Twitter declined 5.7%.
Yahoo tumbled 6.8%. Alibaba, a Chinese online marketplace valued at $168 billion, filed yesterday for its U.S. initial public offering, without specifying the number or price of shares it will sell or what valuation it will seek. Agreements between the two companies will force Yahoo to sell part of its 22.6% stake in Alibaba.
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