European stocks posted their worst drop in more than two months, after nearing a record on Tuesday.

The Stoxx Europe 600 Index slipped 1.1 percent to 397.95 at the close of trading, as all but two of 19 industry groups slid. Technology shares posted the worst performance, extending losses as U.S. peers also fell. ARM Holdings Plc and ASML Holding NV lost more than 5.5 percent.

Europe’s benchmark gauge closed 0.7 percent away from its 2000 record on Tuesday, up 18 percent for the year amid European Central Bank stimulus. That pushed the Stoxx 600 to the highest valuation based on projected profits in at least 10 years, relative to its own history and to the Standard & Poor’s 500 Index, data show.

Source : Bloomberg