Nasdaq Index Poised for Worst Drop Since 2012 as Losses Extended

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.”

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