U.S. Stocks Head for Worst Week of 2015 Amid Global Selloff

(Bloomberg) A global stock selloff sparked by world growth concerns showed no signs of relenting, sending U.S. stocks toward the worst week since 2011.

The Standard & Poor’s 500 Index fell again after its steepest one-day decline since February 2014. The benchmark gauge is down more than 6 percent from its last record in May, after dropping below a trading range that has supported it for most of the year.

The S&P 500 lost 2.2 percent to 1,991 at 1:06 p.m. in New York and is down 4.8 percent this week, dipping below the 2,000 level for the first time since February. The Nasdaq 100 Index slumped 2.8 percent to extend its biggest two-day drop since 2011. The Russell 2000 Index of smaller companies sank 1.3 percent, bringing its drop from a June record to more than 10 percent. The VIX, the benchmark gauge of U.S. equity options, was poised for its biggest weekly gain ever amid demand for contracts to protect against further losses.

“Yesterday was a decimation in the market,” said Michael James, managing director of equity trading at Wedbush Securities Inc. in Los Angeles. “You typically tend to have a follow-through after big days. Given we broke below just about all key short-term technical levels, it isn’t surprising to see us down again today.” ............(more)

http://www.bloomberg.com/news/articles/2015-08-21/s-p-500-futures-little-changed-after-stock-rout-erased-2015-gain