U.S. Payrolls roughly in line with expectations

NEW YORK, Jumada II 4, 1435, Apr 4, 2014, SPA — The Nasdaq tumbled more than 2 percent on Friday as momentum stocks like Netflix and TripAdvisor sold off for a second straight session, Reuters reported.

The big drop in momentum stocks overshadowed the day’s relatively strong March jobs data, which helped the Dow and S&P 500 hit intraday record highs early in the session.

Momentum names – typically high-growth companies mostly in the tech and biotech sectors that led 2013’s rally – have sold off in recent weeks but appeared to stabilize earlier this week.

Two weeks ago, a drop in Gilead Sciences’ stock, after U.S. lawmakers asked it to explain the $84,000 price tag of its new hepatitis C drug Sovaldi, set off a wave of losses in other biotech and momentum names.

21:43 LOCAL TIME 18:43 GMT