Sellers turned up the heat, send stocks to new multimonth lows Thursday.The Nasdaq tumbled 1.8%. Earlier, the tech-heavy index fell as much as 2.3% to its lowest level since Nov. 4, 2009. Meanwhile, the S&P 500 dropped 1.5%, the NYSE composite 1.2% and the Dow 1.1%. Turnover was again tracking higher on both exchanges and the pace has picked up sharply.
Declining issues thrashed advancers by nearly 6-to-1 on the Nasdaq and about 5-to-1 on the NYSE. The put/call ratio spiked to 1.2.
Home-nursing care provider Amedisys (AMED) gapped down and plunged 19% to near a 10-month low. Late Wednesday, the company revealed that its being investigated by the Securities & Exchange Commission. Amedisys said the SEC subpoenaed documents relating to an probe by the Senate Finance Committee.
Amedisys isn't a top-rated stock. It has a 43 in Relative Strength, meaning 57% of the market is outperforming it in price performance.
Almost Family (AFAM), which was also subpoenaed by the SEC, tumbled 14%. It has an 89 in Composite Rating. Group mates Gentiva Health Services (GTIV) swooned 16%, and market laggard LHC Group (LHCG) dropped 11%.
Elsewhere, IBD 100 member Boston Beer (SAM) fizzled 5% in heavy trading and came within pennies of its 50-day moving average. There was no news, but the stock has already traded more than 200,000 shares vs. its average-daily volume of around 184,000.
Cirrus Logic (CRUS), also an IBD 100 stock, gave up 7% in fast trade. It's also closing in on its 50-day line. The stock is now 22% off its June peak.Despite a weaker dollar and falling stocks, gold dropped $16.40 to $1,229.50 an ounce.
On the upside, recent IPO Tesla (TSLA) was off its session peak, but still up 2%. The electric car maker will unveil its new Roadster 2.5 at its European and North American stores.
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