US: Wall St slides to end rough week on macro, earnings concerns
[NEW YORK] The S&P 500 and Nasdaq posted their largest weekly drops 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 more than halved its revenue growth forecast for 2015 and its stock lost 22 per cent to close just above US$300.
Stocks in the energy and materials sectors weighed heavily on the market after weaker-than-expected economic data from China and the euro zone 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.
Amazon was the bright spot on Friday, rising more than 20 per cent at one point and closing up 10 per cent at US$530.50. The online retailer posted an unexpected quarterly profit and its market cap ballooned to US$247 billion, making it the tenth-largest US company by market value.
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