Stock Market Today: U.S. Indices Remain Weak in Final Hour

NEW YORK (TheStreet) -- U.S. stocks were tanking Thursday, heading into the final trading hour as an early selloff driven by end-of-quarter profit-taking led to exaggerated moves in a day of light volume. The tech-heavy Nasdaq  bore the brunt of the losses after a wave of selling in the sector led by heavyweight Apple (AAPL) .

Atlanta Fed Bank President Dennis Lockhart, often thought to be a good bellwether of consensus thinking at the FOMC, said Thursday he believes the central bank will hold off on raising interest rates until mid-2015. Chicago Federal Reserve President Charles Evans on Wednesday maintained his dovish views after a strong showing in U.S. new home sales for August.

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The Dow Jones Industrial Average dropped 1.37%, or more than 235 points. The S&P 500 gave up 1.42%. The Nasdaq surrendered 1.75%. The rotation out of stocks was accompanied by a 12/32 rise in the 10-year note and slight spike in longer-dated gold futures contracts.
 
"A lot of people are away today for the Jewish holidays, which possibly exacerbates liquidity," said Andrew Wilkinson, chief market analyst at Interactive Brokers. Wilkinson noted that Apple has contributed to as much as 17 points of the Nasdaq composite's around 70-point decline. 

All 10 sectors of the S&P 500 were in the red, with most posting a drop of more than 1%, with the heaviest losses seen in the S&P 500 information technology sector as both Apple and Yahoo! (YHOO) tumbled. The iPhone maker was down 3.49% after pulling its iOS 8.0.1 update mere hours after releasing it. Yahoo! fell 2.22% after revealing that it agreed to a one-year lock-up period that restricts the sale of the remaining ordinary shares it owns in Alibaba (BABA) . Microsoft (MSFT) lost 1.93% and Intel (INTC)  shed 1.55%.
 
Watch the video below for a closer look at how U.S. markets are doing in midday trading Thursday:

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