Selloff Spreads to S&P 500 as Stocks Fall Most in a Month
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A three-day decline in Internet and small-cap stocks spread through the rest of the market yesterday, sending the Standard & Poor’s 500 Index to its biggest retreat in a month and pushing up options prices.
E*Trade Financial Corp., Urban Outfitters Inc. and Dow Chemical Co. lost more than 3 percent, leading the S&P 500 to a 0.9 percent drop. The Russell 2000 Index and Nasdaq Composite Index slid more than 0.6 percent. The Chicago Board Options Exchange Volatility Index rose 8.2 percent to 13.17, the most since April 10.