Rout Worsens in U.S. Stocks as Nasdaq Lurches Toward Bear Market
- 8 years ago
U.S. stocks tumbled, with the Standard & Poor's 500 Index extending its two-day drop past 4 percent, as waves of selling pushed bank shares to the lowest since 2013 and left the Nasdaq Composite Index within spitting distance of a bear market.
Amazon.com Inc., Facebook Inc. and Google parent Alphabet Inc. slid, bringing declines since Thursday to 6 percent or more in companies that held the market aloft in 2015.
"We're still seeing selling pressure from the tech valuation resetting last week, as well as the drop in oil," said Matt Maley, an equity strategist at Miller Tabak & Co LLC in New York.
While the S&P 500's valuation of 15.3 times the forecast earnings of its members is in line with the average of the past five years, the measure has plunged 13 percent since the start of the year and is at the lowest level since October 2014.
Amazon.com Inc., Facebook Inc. and Google parent Alphabet Inc. slid, bringing declines since Thursday to 6 percent or more in companies that held the market aloft in 2015.
"We're still seeing selling pressure from the tech valuation resetting last week, as well as the drop in oil," said Matt Maley, an equity strategist at Miller Tabak & Co LLC in New York.
While the S&P 500's valuation of 15.3 times the forecast earnings of its members is in line with the average of the past five years, the measure has plunged 13 percent since the start of the year and is at the lowest level since October 2014.