Stocks end flat, investors wary before jobs data
The Dow ended down just a fraction of a point, within about 4 points of its record closing high of 16,576.66 set on Dec. 31. The Dow posted an all-time intraday high during the session.
"That's a buying opportunity in our view. We think (biotech) will come roaring back. It's not just going to have one good year and be done," said Randy Warren, chief investment officer of Warren Financial Service in Exton, Pennsylvania.
Among momentum stocks, the shares of Tesla Motors, the electric car maker, fell 2.1 percent to $225.40 and the shares of Netflix Inc, the online movie rental company, lost 2.3 percent to close at $354.69. Facebook shares fell 5.2 percent to end at $59.49.
The S&P 500 slipped 2.13 points or 0.11 percent, to finish at 1,888.77. It also hit an intraday record high of 1,893.80. The Nasdaq Composite dropped 38.716 points or 0.91 percent, to end at 4,237.74.
Some analysts said the selloff in "momentum" stocks has yet to run its course
The options market also focused on momentum stocks, with Tesla Motors remaining a favorite with the speculative crowd for a second day. The total option volume by afternoon was running at about a 30 percent mark-up to what's typically seen.