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Stocks drop; Biotech takes another plunge

Published April 10, 2014 8:00 am

This is an archived article that was published on sltrib.com in 2014, and information in the article may be outdated. It is provided only for personal research purposes and may not be reprinted.

New York • 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 favorites, also dropped.

The Nasdaq composite index lost 129 points, or 3.1 percent, to close 4,054, its biggest drop since November 2011.

The Dow Jones industrial average fell 266 points, 1.6 percent, to 16,170.

The Standard & Poor's 500 lost 39 points, or 2.1 percent, to 1,833. Ninety-six percent of the stocks in the index fell.

Small-company stocks also slid as investors sold riskier assets.

Bond prices rose as investors sought safety.