Economics
Biotech Selloff Sinks U.S. Stocks; Dollar Gains, Treasuries Fall
- Nasdaq Biotech Index sinks 5.1%, tumbles into bear market
- Fed Chair Yellen sees liftoff in 2015, barring any surprises
Can Central Banks Handle Global Economic Pressure?
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A selloff in biotechnology shares halted a rally in U.S. equities, while the dollar rose and Treasuries fell after Federal Reserve Chair Janet Yellen reassured investors the turmoil in emerging markets won’t kill off U.S. economic growth.
The Nasdaq Biotechnology Index tumbled more than 5 percent, sending the gauge of drugmakers into a bear market. Nike Inc. surged to a record, bolstering the Dow Jones Industrial Average. An index of global equities rose for the first time since the Fed policy meeting last week. The dollar strengthened toward its best week in two months, Treasuries led bonds lower and gold slumped.