U.S. Stocks Retreat as Rally Falters Amid Global Growth Concerns
- Allergan drags on health-care with Pfizer merger in jeopardy
- VIX volatility index jumps for second day after 7-month low
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U.S. stocks fell, with the Standard & Poor’s 500 Index posting the steepest loss in four weeks, amid simmering concerns that weakness in global growth will deepen.
Banks paced the retreat, sinking along with Treasury yields as bonds rallied on haven demand. Bank of America Corp. slid 2.4 percent. Health-care companies fell for the first time in three days, dragged lower by Allergan Plc’s 15 percent tumble after the government took steps to limit so-called inversion deals, threatening its merger with Pfizer Inc.