Nasdaq Index Poised for Worst Drop Since 2012 as Losses ExtendedJoseph Ciolli and Callie Bost
U.S. stocks extended losses, with the Nasdaq Composite Index poised for the biggest drop in almost two years, as a selloff worsened for some of the bull-market’s best performing stocks.
The Nasdaq Composite lost 2.8 percent as of 2:47 p.m. in New York, headed for its worst drop on a closing basis since June 2012. The Standard & Poor’s 500 Index slid 1.3 percent to 1,864.31 for its biggest decline in two months. The Dow Jones Industrial Average sank 166.78 points, or 1 percent, to 16,405.77.
“There’s a little bit of nervousness about some of the high multiples in the biotech area and computer and Internet-related stocks,” John Carey, a fund manager at Pioneer Investment Management Inc., a Boston-based firm that manages about $220 billion worldwide, said in a phone interview. “You’re having another wave of selling in that very high-momentum group.”