The Dow and S&P 500 suffered their worst daily drops in about six weeks as tech stocks dragged down the markets. Fred Katayama reports.
Tech stocks took a beating, dragging Wall Street sharply lower Thursday. The Dow and S&P 500 suffered their worst daily drop in about six weeks. The only sectors managing to post gains were financials and energy. PNC Asset Management's Bill Stone: SOUNDBITE: BILL STONE, GLOBAL CHIEF INVESTMENT STRATEGIST, PNC ASSET MANAGEMENT GROUP, (ENGLISH) SAYING: "With the second quarter ending the end of this week, I think you're seeing quite a bit of rotation because you're seeing financial stocks, which have been really some of our poor performers this year, do much better and also energy." Consumer spending helped the U.S. economy grow at a 1.4 percent annual rate in the first quarter. That was better than economists had expected. Rite Aid shares plummeted to a nearly four-year low. Walgreen Boots Alliance scrapped its deal to buy the drug retailer. Instead, it'll buy nearly half of Rite Aid's stores. Blue Apron's shares rose on their debut on the New York Stock Exchange. But the meal kit delivery company had slashed its valuation expectations by a third on Wednesday. European shares got hit with a steep selloff. Tech and consumer stocks led the list of decliners.