S&P 500 Has Worst Week Since April on Europe, Valuations

The Standard & Poor’s 500 Index completed its worst week since April, as signs of financial stress in Europe and speculation the recent rally is overdone pulled stocks down from record levels.

Netflix Inc. retreated 6.9 percent as Internet stocks tumbled with small-cap shares. JPMorgan Chase & Co. and Wells Fargo & Co. slid at least 2.2 percent as concern about corporate debt in Portugal weighed on bank shares. Equity declines led to a surge in volatility after a gauge of investor fear had fallen to a seven-year low. Alcoa Inc. rose 6.6 percent amid the start of corporate earnings season.