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Stocks drop as investors dump biotech and other former favourites; Nasdaq sinks 3.1 per cent
NEW YORK, N.Y. – The Nasdaq had its worst day since 2011 as investors dumped biotechnology shares and other industries that have soared over the past year.
Biogen Idec, Gilead Sciences and other biotech companies plunged. After a huge run-up, those stocks have become volatile in recent weeks amid scrutiny over the cost of their drugs.
Facebook and Twitter, other recent investor favourites, also dropped.
The Nasdaq composite index lost 129 points, or 3.1 per cent, to close 4,054, its biggest drop since November 2011.
The Dow Jones industrial average fell 266 points, 1.6 per cent, to 16,170.
The Standard & Poor’s 500 lost 39 points, or 2.1 per cent, to 1,833. Ninety-six per cent of the stocks in the index fell.
Small-company stocks also slid as investors sold riskier assets.
Bond prices rose as investors sought safety.
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