The DJIA lost 97.55 points to close at 17013.87 while the S&P 500 lost 13.10 to close at 1988.44. The Nasdaq was lower by 40 points so finish at 4552.28 and the Russell 2000 was down 1.18%, losing 13.81 points to close at 1158.50.
The Russell 200 is now negative for 2014 again. What a great bull market we have. The small-cap stocks trade at 55 times their trailing 12-month earnings.
Read More: 7 Stocks Warren Buffett Is Selling in 2014
The S&P 500 Trust Series ETF (SPY) volume came in at over 88 million shares traded. That was above average over the past few weeks. Of course, it happens to be a down day. Remember, volume decelerates on up days and accelerates on down days. That has been a theme in 2014.
Just to make a point that we are in a massive stock market bubble, the Japanese company Rakuten agreed to buy U.S. rebates Web site Ebates in Japan's largest e-commerce deal as the operator of the country's largest online mall seeks to grow overseas through acquisitions.
Rakuten will pay $1 billion in cash for all of Ebates. The fact that a Japanese company is buying an early-cycle startup for $1 billion in cash is pretty massive any way you slice it.
In addition, the fact that Amazon (AMZN) is buying Twitch for $970 million in cash and Morgan Stanley (MS) is going to bring Hubspot public has U.S. initial public offerings, in both number of issues and dollars raised in 2014, at the highest level since the Internet bubble of 1999. Party on.