(CNBC) — U.S. stocks on Monday declined for a third session, pulling the S&P 500 into the red for the year, as investors shed high-profile assets that fared well in 2013 in search of better values.
“Investors are moving out of many areas of the market that performed well last year. In particular, the Internet, social media and biotechnology industries are experiencing some notable weakness,” Russ Koesterich, BlackRock’s global chief investment strategist, wrote in afternoon commentary.
“The momentum meltdown continues to be the story,” said Art Hogan, chief market strategist at Wunderelich Securities, referring to the bashing of Internet names, which on Monday included Amazon.com, Priceline Group, Google and Apple.
