July 23, 2014
Wall Street ends lower with big fall for S&P 500
US stocks fell today, putting the S&P 500 on track for its biggest three-day drop in two months, as investors rotated into defensive names to protect against further declines.
Internet stocks were among the day's biggest decliners with Amazon.com down 1.6 percent at $317.76 and Yahoo! Inc off 3.5 percent at $33.07. The Global X Social Media ETF which includes Groupon Inc and LinkedIn fell 2.5 percent.
The Nasdaq index posted its worst three-day decline since November 2011.
The Dow Jones industrial average fell 166.84 points or 1.02 percent, to 16,245.87, the S&P 500 lost 20.05 points or 1.08 percent, to 1,845.04 and the Nasdaq Composite dropped 47.973 points or 1.16 percent, to 4,079.753.
European equities retreated after a three-week rally, led down by French companies Iliad and Bouygues on expectations that a failed acquisition bid by Bouygues would hurt the earnings of both.
Iliad's decline was the biggest on the STOXX Europe 600 Technology index, which overall fell 2 percent.
The FTSEurofirst 300 index of top European shares was down 1.3 percent to 1,335.90 points at the close, slipping from a 5 1/2-year high on Friday and posting its biggest decline for a month.
Japan's Nikkei share average tumbled to a one-week low dragged down by tech shares following a slide on Wall Street, while a strong yen hit exporters to round out a harsh day for the market.
The Nikkei ended 1.7 percent lower at 14,808.85, the weakest closing level since April 1.