Stocks Extend Drop After Worst Rout Since October: Markets Wrap
- European stocks post their biggest decline in a month
- Turmoil continues in some shares dominated by retail traders
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U.S. stocks extended losses in after-hours trading after disappointing earnings from tech giants and amid growing concern that equities have become overvalued. The dollar jumped the most since September and Treasury yields slipped.
Facebook Inc. and Tesla Inc both fell after reporting results, dragging down ETFs that track major stock gauges. The S&P 500 Index recorded its worst rout since October in the cash session, with the gauge down 2.6% after Federal Reserve officials left their main interest rate unchanged without promising any more aid for the economy. The selloff was widespread, sinking all 11 groups in the benchmark stock gauge.