U.S. Stocks Fall as Biotech, Commodity Shares Lead Broad Selloff
- Biotechnology rout continues to drag down health-care
- Commodity related shares fall amid weakness in China
When Will Monetary Policy Distortion End?
U.S. stocks tumbled toward the worst levels of last month’s selloff, with the Standard & Poor’s 500 Index closing at a one-month low, as global equities slid amid a rout in commodity and biotechnology shares.
Evidence of industrial weakness in China renewed anxiety about a global slowdown, sending Freeport-McMoRan Inc. tumbling 9.1 percent as copper dropped to the lowest in a month. Energy shares lost 3.6 percent as oil prices slid. The Nasdaq Biotechnology Index sank 6 percent following its worst week since 2011. Amazon.com Inc. and Facebook Inc. fell more than 3.8 percent as investors sold some of the year’s better performers. Alcoa Inc. rose 5.7 percent after saying it will split into two companies.