Nasdaq sees triple-digit decline as technology shares plunge

Another plunge in once-soaring technology stocks sent the Nasdaq composite index into a triple-digit decline and pushed the rest of the stock market down with it.

Erstwhile darlings such as Netflix Inc. and Facebook Inc., as well as biotechnology highfliers such as Intercept Pharmaceuticals Inc., sank as investors rushed to cash in what remained of earlier profits.

As of 10:55 a.m. Pacific, the Nasdaq composite index was down 107.50 points, or 2.6%, to 4,076.41.

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The Dow Jones industrial average skidded 176.57 points, or 1.1%, to 16,260.61.

The selling came despite relatively sanguine economic news, including a decline in initial jobless claims to a level not seen since before the 2008 global financial crisis.

The number of Americans filing first-time unemployment claims last week fell by 32,000 to 300,000, the lowest total since May 2007.

But investors were concerned about data showing an unexpected drop in exports from China, which renewed concerns about the growth prospects of a key global engine.

Investors also were worried about first-quarter corporate profits, and were backing away from stocks whose valuations had become stretched during the previous buying frenzy.

There was little to soothe traders’ frayed nerves Thursday. Selling that began early last month resumed after a brief two-day respite.

The Nasdaq is now down 6.4% from is recent high on March 5.

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Follow Walter Hamilton on Twitter @LATwalter