Stocks slumped to session lows in the final hour of trading, finishing with a second day of broad losses with the Nasdaq again bearing the brunt of the selling after failing to sustain early gains.
The S&P fell another 1% to 1,815, with all sectors closing lower, led by 1%-plus drops in tech, consumer discretionary, healthcare (which includes biotech, which fell 2.9%) and natural resources; Nasdaq fell another 1.3% (-3.1% for the week) to slide below 4,000 for the first time since early February. 3.
Traders say volumes have remained lighter than might be expected given the size of the declines, allowing for some optimism despite the losses; "Money isn't leaving the market, it's just being reallocated," one CIO says. "Because we have an economy that's improving, we should find equilibrium fairly quickly."
The 10-year Treasury yield fell 2 bps to 2.62%.