NEW YORK (Reuters) – Stocks posted their worst day since November 7 on Monday as big declines in the price of gold, oil and other commodities fed a broad selloff in equities.
Weaker-than-expected data from China sparked the initial decline, but selling accelerated late in the session as reports of two explosions in Boston near the finish line of the Boston Marathon unnerved investors.
Commodity-related shares led stocks’ losses, with gold suffering its worst two-day sell-off in 30 years as the China data fueled worries about the strength of the global economy. The SPDR Gold Shares ETF lost 8.8 percent to $131.31 on record volume.
Total trading volume was the second highest of the year, with about 8.5 billion shares changing hands on U.S. exchanges.
Analysts said the stock market had been vulnerable to a pullback, given the sharp gains since the start of the year as well as the Dow’s and the S&P 500′s recent record highs. The S&P 500 is still up 8.8 percent for the year.
Read More at finance.yahoo.com . By Caronline Valetkevitch.