Biotech Rout Halts U.S. Stock Rally; Oil Gains as Dollar Weakens
- Nasdaq leads losses as drugmakers hit; energy shares rebound
- Emerging assets extend advance as U.S. rate-hike bets slip
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A rout in biotechnology shares snapped the longest rally in U.S. stocks this year, while the weakening dollar helped emerging-market equities to their highest level since August. Oil drove a surge in commodities.
The Standard & Poor’s 500 Index retreated after gaining 5.6 percent in five days, as concern over drug pricing and company earnings rekindled the biotech selloff. Energy producers capped their biggest six-day rally in the history of the bull market as crude surged to a one-month high. The Bloomberg Dollar Spot Index dropped a fourth day, while equities in developing nations extended the longest run of gains since April.