(CNBC) Stocks ultimately ended flat in volatile trading Thursday ahead of the widely-watched government jobs report, after the Dow and S&P 500 hit record intraday highs earlier in the session.
The Nasdaq closed in the red, dragged by declines in momentum and biotech stocks.
Traders were pointing to buy orders on the close when the market pared their losses late in the session. "There were about half a billion (dollars) to buy market on close," said Art Cashin, director of floor operations at UBS.
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The Global X Social Media ETF, which includes Facebook, LinkedIn and Groupon, dropped more than 3 percent. The Nasdaq biotechnology index also slid 3 percent. Momentum stocks including Tesla, Netflix and Priceline were also in the red as investors took profits from recent gains.