US STOCKS-Wall St slides to end rough week on macro, earnings concerns

viernes 24 de julio de 2015 16:46 GYT

* Amazon joins club of 10 largest U.S. companies

* Biogen's fall weighs on Nasdaq, S&P

* Clinton to propose raising capital gains tax - report

* Indexes down: Dow 0.9 pct, S&P 1.1 pct, Nasdaq 1.1 pct (Updates to close)

By Rodrigo Campos

July 24 (Reuters) - The S&P 500 and Nasdaq posted their largest weekly drops since March on Friday as slowing global growth dragged commodity-related stocks lower while an earnings-fueled drop in Biogen took down the biotech sector.

Biogen more than halved its revenue growth forecast for 2015 and its stock lost 22 percent to close just above $300.

Stocks in the energy and materials sectors weighed heavily on the market after weaker-than-expected economic data from China and the euro zone raised concerns about global growth. Oil prices hit their lowest since March.

"You got underwhelming revenue growth on balance and then you layer on top of that concern over a global economic slowdown, that becomes self-fulfilling," Art Hogan, chief market strategist at Wunderlich Securities in New York, said of the stock market weakness.   Continuación...