Stocks Have 2nd Worst Decline of 2017

Standard & Poor's 500 has biggest drop since May

By Newser Editors and Wire Services

Posted Aug 17, 2017 3:20 PM CDT

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Stocks Have 2nd Worst Decline of 2017 — Trader Michael Capolino works on the floor of the New York Stock Exchange, Wednesday, Aug. 16, 2017. (AP Photo/Richard Drew)

Stocks had their second-worst drop of the year, led by declines in technology companies, retailers, and banks, the AP reports. The slump Thursday brought the Standard & Poor's 500 index back to where it was on July 11. It was the biggest drop for the benchmark index since May. Victoria's Secret owner L Brands fell 3.6% after cutting its full-year earnings forecast. Network equipment maker Cisco Systems sank 4% after issuing a disappointing outlook.

The Standard & Poor's 500 index fell 38 points, or 1.5%, to 2,430. The Dow Jones industrial average lost 273 points, or 1.2%, to 21,750. The Nasdaq composite plunged 123 points, or 1.9%, to 6,221. Bond prices rose. The yield on the 10-year Treasury note fell to 2.19%. (Read more stock market stories.)