The
Standard & Poor’s 500 Index erased gains for the year as the
selloff in emerging-market stocks deepened, fanning concerns over
slowing global growth.
Netflix
Inc. lost 7.4 percent as investors targeted the biggest winners of the
year. Media stocks were poised for a correction as Walt Disney Co.
tumbled 5.1 percent amid an analyst downgrade. Bank of America Corp. and
Citigroup Inc. slumped more than 2.7 percent to pace declines among the
largest banks.
The
Standard & Poor’s 500 fell 1.2 percent to 2,055.19 at 11:52 a.m. in
New York, dropping below its average price for the past 200 days. The
Dow Jones Industrial Average lost 218.91 points, or 1.3 percent, to
17,129.82. The Nasdaq 100 Index tumbled 1.9 percent, with only six
members advancing. The Chicago Board Options Exchange Volatility Index
rose for a fourth day, heading for its biggest weekly gain of 2015.
The
rout in emerging markets intensified as Kazakhstan abandoned its
currency trading peg, joining Vietnam after China’s devaluation.
Currency weakness and a slowdown in Chinese growth prompted Citigroup
Inc. to cut its 2016 global growth forecast to 3.1 percent from 3.3
percent, its third consecutive downgrade, while holding its 2015
estimate at 2.7 percent.
Source: Bloomberg
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