U.S. stocks slumped as
investors speculated the Federal Reserve’s refusal to raise rates
bespeaks larger concerns about the strength of the global economy.
The Standard &
Poor’s 500 Index lost 1.2 percent to 1,966.72 at 12:52 p.m. in New York.
The gauge pared its gain for the week to 0.3 percent. The Dow Jones
Industrial Average dropped 238.61 points, or 1.4 percent, to 16,436.13.
The Dow Jones Transportation Average slumped 1.5 percent.
Some futures and
options on stocks and indexes expire today in a process known as
quadruple witching, which may increase stock volatility. Trading in
S&P 500 companies was 38 percent above the 30-day average.
The operator of the
S&P 500 will also rebalance the index in a quarterly move to adjust
member weightings. About $41 billion of shares will be traded as
investors buy and sell stocks to mimic the changes, according to a Sept.
8 estimate by Howard Silverblatt, an index analyst at the New
York-based S&P Dow Jones Indices.
Source: Bloomberg
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