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published on August 17, 2017 - 1:18 PM
Written by Associated Press

Stocks had their second-worst drop of the year, led by declines in technology companies, retailers and banks.

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 percent after cutting its full-year earnings forecast. Network equipment maker Cisco Systems sank 4 percent after issuing a disappointing outlook.

The Standard & Poor’s 500 index fell 38 points, or 1.5 percent, to 2,430.

The Dow Jones industrial average lost 273 points, or 1.2 percent, to 21,750.

The Nasdaq composite plunged 123 points, or 1.9 percent, to 6,221.

Bond prices rose. The yield on the 10-year Treasury note fell to 2.19 percent.


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