U.S.
stocks sank, extending the Standard & Poor™s 500 Index™s worst
two-day drop since June, amid disappointing results at JPMorgan Chase
& Co. and signs hedge funds were dumping the bull market™s best
performers.
The
S&P 500 fell 0.9 percent to 1,815.78 at 4 p.m. in New York, closing
at its lowest level in two months. The gauge has slipped 2.6 percent
this week, the biggest weekly loss since 2012. The Nasdaq Composite
Index dropped 1.3 percent, extending its biggest two-day retreat since
2011, and the Dow Jones Industrial Average slid 141.03 points, or 0.9
percent, to 16,029.19. Trading in S&P 500 shares was 26 percent
above the 30-day average at this time of day.
The
S&P 500 declined 2.1 percent yesterday and the Nasdaq Composite
slumped 3.1 percent, its biggest decline since November 2011. Technology
shares slid yesterday as investors sold the biggest winners in the
five-year market rally. A gauge of Internet stocks tumbled the most
since 2011 yesterday, while biotechnology shares approached a bear
market.
Copy Source : Bloomberg
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