Biotech and Internet stocks tumbled again Thursday, and the broader market followed. After a two-day respite, investors again dumped shares of cutting-edge drug companies and other industries that have soared over the past year as they worried those stocks had become too expensive. The Nasdaq composite fell 3 percent, its worst drop since November 2011. Gilead Sciences was among the big biotech names to take a beating, giving up 7 percent. The stock doubled in value last year. Facebook, which also doubled last year, sank 5 percent.
The Dow Jones industrial average fell 266.96 points, or 1.6 percent, to 16,170.22.
The Standard & Poor’s 500 index fell 39.10 points, or 2.1 percent, to 1,833.08.
The Nasdaq composite fell 129.79 points, or 3.1 percent, to 4,054.11.
For the week:
The Dow Jones industrial average is down 242.49 points, or 1.5 percent.
The Standard & Poor’s 500 index is down 32.01 points, or 1.7 percent.
The Nasdaq composite is down 73.62 points, or 1.8 percent.
For the year:
The Dow Jones industrial average is down 406.44 points, or 2.5 percent.
The Standard & Poor’s 500 index is down 15.28 points, or 0.8 percent.
The Nasdaq composite is down 122.48 points, or 2.9 percent.