Rout Worsens in U.S. Stocks as Nasdaq Lurches Toward Bear Market
- Banks pace losses, tech shares fall to lowest since August
- Strategists are reducing year-end targets for S&P 500
Seven Banks Reduce S&P Year-End Targets
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U.S. stocks tumbled, with the Standard & Poor’s 500 Index falling to a 22-month low, as a second straight selloff pushed bank shares to the lowest since 2013 and left the Nasdaq Composite Index approaching a bear market.
Equities pared declines in a late-session rebound sparked by gains in energy shares, with the Nasdaq Composite briefly cutting its drop by more than half. Amazon.com Inc., Facebook Inc. and Google parent Alphabet Inc. slid, bringing declines since Thursday to 3.5 percent or more in companies that held the market aloft in 2015. Morgan Stanley and Goldman Sachs Group Inc. tumbled more than 4.6 percent. The Nasdaq Biotechnology Index fell 3.2 percent.