Stocks Fall as Nasdaq Tumbles; Treasuries Rally on Jobs
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U.S. stocks tumbled, with the Nasdaq Composite Index falling the most in two months, as investors continued a selloff of the bull market’s biggest winners. Treasuries rallied as jobs data boosted speculation the Federal Reserve will remain accommodative on rates.
The Nasdaq Composite dropped 2.6 percent at 4 p.m. in New York as technology shares slumped. The Standard & Poor’s 500 Index fell 1.3 percent after rallying as much as 0.5 percent to a record earlier in the day. The yield on five-year Treasury notes dropped nine basis points, the most in two months, to 1.70 percent. The Stoxx Europe 600 Index rose 0.6 percent, advancing for a ninth day. The dollar slid for the first time in seven days against the yen. Gold jumped 1.5 percent.