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U.S. stocks were down today, with biotechnology companies extending the previous week’s selloff.
U.S. stocks were down today, with biotechnology companies extending the previous week’s selloff.
According to Bloomberg:
The Nasdaq Biotechnology Index sank 4.5 percent after its worst week since 2011. Freeport-McMoRan Inc. tumbled 12 percent as copper dropped to the lowest in a month amid evidence of industrial weakness in China. Halliburton Co. and Marathon Oil Corp. lost at least 4.7 percent as oil prices slid. Amazon.com Inc. and Facebook Inc. fell more than 3.8 percent as investors sold some of the year’s better performers. Alcoa Inc. rose 2.4 percent after saying it will split into two publicly traded companies.
The Standard & Poor’s 500 Index fell 2 percent to 1,893.76 at 12:24 p.m. in New York, its lowest in a month. The Dow Jones Industrial Average lost 241.41 points, or 1.5 percent, to 16,073.26. The Nasdaq Composite Index dropped 2.2 percent.
“We are in a chaotic market, lots of volatility but not making much progress in either direction,” said James Gaul, a portfolio manager at Boston Advisors LLC, which oversees $2.8 billion. “Earnings are going to be really important this quarter considering the macro backdrop and general global fears as well as the concerns about the Fed potentially raising interest rates as early as next month.”
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