The Standard & Poor’s 500 Index tumbled the
most in more than a month as the possibility that the Federal Reserve
will raise interest rates as early as December weighed on equities.
Investors had shrugged
off the threat of higher rates on Friday, focusing instead on a robust
jobs report that signaled the U.S. economy may be ready to withstand
tighter monetary policy. That sentiment reversed Monday in the absence
of any additional data and after American equities ended last week near
the highest level in three months.
The S&P 500
slipped 1 percent to 2,078.66 at 4 p.m. in New York, the most since
Sept. 28 and its fourth straight drop. The Dow Jones Industrial Average
lost 178.78 points, or 1 percent, to 17,731.55. The Chicago Board
Options Exchange Volatility Index jumped 14 percent, its biggest increase since September.
The day’s selloff was
broad-based. Multinationals with exposure to a stronger dollar were hit
hard, with Caterpillar Inc. sliding 2.7 percent. Macy’s Inc. and Kohl’s
Corp. led retailers lower. Mallinckrodt Plc plummeted 17 percent after
the drugmaker was mentioned by the stock-commentary site whose scrutiny
helped lead to a rout in Valeant Pharmaceuticals International Inc.
Source: Bloomberg
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