U.S. stocks dropped as
European markets tumbled and oil fell for a third day, as the rout that
sent the Nasdaq Composite Index to its lowest level since October 2014
deepened.
The Standard &
Poor’s 500 Index dropped 1.3 percent to 1,855.91 at 9:33 a.m. in New
York, after falling 3.1 percent last week. The Nasdaq Composite Index
lost 1.8 percent. West Texas Intermediate crude futures sank 1.8
percent, after losing more than 4 percent and briefly falling below $30 a
barrel.
The S&P 500
declined last week for the first time in three, with a jobs-day tumble
on Friday turning into a full-blown selloff in stocks with the highest
valuations. A rout in software and Internet companies sent the Nasdaq
Internet Index to its biggest slump since 2011, with Facebook Inc.
posting its steepest retreat in more than a year.
The Nasdaq Composite
Index tumbled 5.4 percent last week, and the S&P 500 closed 12
percent below its all-time high set in May.
Source : Bloomberg
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