Market Wrap: Stocks End Rough Week Down on Earnings Concern
The S&P 500 and Nasdaq posted their largest weekly drop since March on Friday as slowing global growth dragged commodity-related stocks lower while an earnings-fueled drop in Biogen took down the biotech sector.
Biogen (BIIB) more than halved its revenue growth forecast for 2015 and its stock lost 22 percent to close just above $300.
You got underwhelming revenue growth on balance and then you layer on top of that concern over a global economic slowdown, that becomes self-fulfilling.
Stocks in the energy and materials sectors weighed heavily on the market after weaker-than-expected economic data from China and the eurozone raised concerns about global growth. Oil prices hit their lowest since March.
"You got underwhelming revenue growth on balance and then you layer on top of that concern over a global economic slowdown, that becomes self-fulfilling," Art Hogan, chief market strategist at Wunderlich Securities in New York, said of the stock market weakness.
