The Nasdaq Composite lost 2.4 percent at 4 p.m. in New York, the biggest drop since April 10. The Standard & Poor’s 500 Index fell 1.5 percent to 2,061.18, below its average price for the past 50 days.
The S&P 500, the Dow and the Nasdaq Composite Index this week came within 1 percent of their records amid speculation the Federal Reserve won’t rush to raise rates. Wednesday’s drop wiped out the Dow’s 2015 gains.
While the S&P 500 is among the worst-performing developed-market indexes this year, it is still headed for its ninth consecutive quarterly advance, with a 0.2 percent increase. That would be the longest winning streak since 1998. The gains pushed equity valuations to the highest in about six years.
Source : Bloomberg