MARKET SNAPSHOT: Nasdaq Risks Worst Day In 2 Months As High-flyers Drop

By Anora Mahmudova, MarketWatch

NEW YORK (MarketWatch) -- U.S. stocks fell on Friday as sharp drops in once high-flying technology and biotech stocks dragged the rest of the market down.

The Nasdaq Composite fell 2.3% and is on track to record a second weekly loss in a row. Closing at this level would mean the worst day in two months.

The markets opened higher following a government report showing a steady pace of jobs growth sending both the S&P 500 and the Dow Jones Industrial Average to intraday highs. But early gains soon dissipated.

The Nasdaq Composite (RIXF) was the worst performing index, falling 100 points, or 2.4%, to 4,137.51. Biotechnology and Internet stocks were the worst hit. The iShares Nasdaq Biotechnology ETF(IBB) , a benchmark for that sector, fell 3.6%. Nasdaq component Apple Inc. (AAPL), its heaviest weight, was down 1.1%. Facebook Inc. (FB) , considered a momentum play, tumbled 4.5%.

The S&P 500 (SPX) fell 16 points, or 0.9%, to 1,872.75. Technology and consumer discretionary sector stocks were leading the losses, while investors piled into the defensive utilities sector, the only one still trading higher.

The Dow Jones Industrial Average (DJI) dropped 87 points, or 0.5%, to 16,485.15. Microsoft Corp (MSFT) and Visa Inc (V), which both fell 3%, were leading the losses among the blue chips.

The U.S. created 192,000 jobs in March as hiring rebounded in the early spring. Hiring in January and February was also stronger than originally reported. The unemployment rate remained unchanged at 6.7% as more people went searching for jobs. Economist polled by MarketWatch expected a gain of 200,000 jobs.

"The report was remarkably consistent with what we have been seeing in the past year or so, in one word good but not great," said Anthony Valeri, investment strategist at LPL Financial.

"Looking at the fed fund futures, this might mean that the Fed will stay in the game a little longer than anticipated when it comes to raising rates," he added.

GrubHub, Mylan, CarMax

Among individual stocks, GrubHub Inc. (GRUB) shares rose 37% in their market debut.

Mylan Inc (MYL) shares rose 4.2% after reports that Meda AB rejected its proposal to combine the two businesses. "All continued discussions between Meda and Mylan have been terminated without further actions," said Meda in a statement.

CarMax Inc. (KMX) shares fell 3.7% after fourth-quarter results fell short of Wall Street forecasts.

Shares of Anadarko Petroleum Corp. (APC) rose 4%, adding to a 14.5% gain on Thursday, after the company agreed to a settle all claims against its subsidiary Kerr-McGee for $5.15 billion. The case stems from the bankruptcy of Tronox Inc., which was spun off from Kerr-McGee before it was bought by Anadarko in 2006.

In overseas markets, European stocks rose slightly, their ninth-straight gain. Stocks in Asia closed out mostly higher, though gains were muted ahead of the U.S. data. Gold (GCM4) moved higher, along with oil (CLK4), while the dollar fell against the Japanese yen after the jobs report.

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