The Nasdaq Composite plummeted on Thursday, erasing the sharp gains from the previous session, as investors continued to rotate away from technology stocks and into more defensive areas of the market. The tech-heavy Nasdaq declined 4.2% and dipped into correction territory, while the S&P 500 was down 2.6%. The Dow Jones Industrial Average shed 780 points, or 1.5%, as gains in stocks such as Chevron and Johnson & Johnson were not enough to spare the 30-stock index from the tech selling spree. The Dow erased around half of its advance from Wednesday's massive rally.
Montana voters became the first in the nation Tuesday to sign off on an ambitious plan for banishing political dark money, putting the state on a collision course with the landmark Citizens United ruling. read more
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More: Although Montana's measure was the first to reach voters directly, the state is the second overall to try the maneuver " after Hawaii, where the governor signed similar legislation in May. Rather than directly restricting political spending, both versions would remove that power from the state corporate statutes that authorize companies, trade associations, and other "artificial persons" to operate in the first place.
Supporters say the strategy is crafted to avoid clashing with the Citizens United v. FEC ruling, which held that corporate election spending is protected by the First Amendment. But business groups, GOP politicians, and other opponents insist it will crash into the "unconstitutional conditions" doctrine, which prevents states from hinging the exercise of one right on the surrender of another.