The Standard & Poor’s 500 Index tumbled the most since February 2014 as the selloff in emerging-market stocks deepened, fanning concerns over slowing global growth.
The Standard & Poor’s 500 fell 2.1 percent to 2,035.97 at 4 p.m. in New York, dropping below a trading range it’s been in for most of the year. The Dow Jones Industrial Average lost 355.97 points, or 2.1 percent, to 16,992.76, the lowest level since October. The Nasdaq 100 Index tumbled 2.8 percent, with only four members advancing. The Chicago Board Options Exchange Volatility Index rose for a fourth day, heading for its biggest weekly gain of 2015.
The rout in emerging markets intensified, with Kazakhstan becoming the latest country to stop defending its currency, as developing nations struggle to overcome plunging prices for commodity exports and China’s shock devaluation.
Source : Bloomberg