Stocks Fall as Nasdaq Tumbles

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U.S. stocks tumbled, with the Nasdaq Composite Index falling the most in two months, as investors continued a selloff of the bull market™s biggest winners. Treasuries rallied as jobs data boosted speculation the Federal Reserve will remain accommodative on rates.

The Nasdaq Composite dropped 2.6 percent at 4 p.m. in New York as technology shares slumped. The Standard & Poor™s 500 Index fell 1.3 percent after rallying as much as 0.5 percent to a record earlier in the day. The yield on five-year Treasury notes dropped nine basis points, the most in two months, to 1.70 percent. The Stoxx Europe 600 Index rose 0.6 percent, advancing for a ninth day. The dollar slid for the first time in seven days against the yen. Gold jumped 1.5 percent.

The S&P 500 erased gains after climbing to a record 1,897.28 earlier in the day. The gauge trimmed its advance for the week to 0.4 percent, and is up 0.9 percent for the year. The gauge trades at 17.2 times reported earnings, the highest level since 2010, according to data compiled by Bloomberg.

Copy Source : Bloomberg