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Monday, June 24, 2013
Sunday, June 23, 2013
Emergency communications demonstration today, Sunday - The St ...
The Ham Radio Operators of the Flagler Emergency Communications Association will join with tens of thousands of other amateur radio operators showing their emergency communications skills for 24 hours beginning at 2 p.m. Saturday.
Working in the training room of the headquarters of the Flagler Beach Fire Rescue Department at 320 South Flagler Ave., groups of local hams will be using voice, Morse Code, computer and even satellites in orbit to simulate emergency conditions that might face local communities.
The public is welcome to stop by and participate in this drill, observe, operate specialized equipment and chat with local hams to learn more about the Amateur Radio Service created under Federal Regulations Title 47 and the regulated by the Federal Communications Commission.
There is no charge to visit the operations of the Flagler Emergency Communications Association and no advance arrangements are necessary.
All are welcome.
This annual event, called ?Field Day,? is the climax of the week long ?Amateur Radio Week? sponsored by the American Radio Relay League, the national association for Amateur Radio.
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New analysis shows that patients with Type 2 diabetes and mild renal impairment had similar improvement in blood sugar control and experienced less hypoglycemia with JANUVIA (sitagliptin) compared to sulfonylurea
![[ Back to EurekAlert! ]](https://lh3.googleusercontent.com/blogger_img_proxy/AEn0k_u1N9vLKAUCEHyGRK72obWTt7xGcR00RUVLm730YUcSyK1GVBC2SFc4x-F70rspAdusHSygQ1zVGL-kPZGsw62Sr0BPu9-lB7105j9D900=s0-d){kind=small}
Public release date: 22-Jun-2013[ | E-mail |
Share ] Contact: Pam Eisele
908-423-5042
Kim Hamilton
908-423-6831
908-391-0131
Carol Ferguson
908-423-4465
Merck
WHITEHOUSE STATION, N.J., June 22, 2013 Merck (NYSE: MRK), known as MSD outside the United States and Canada, today announced results from a post-hoc pooled analysis showing patients with type 2 diabetes and mild renal impairment treated with JANUVIA (sitagliptin) 100 mg once-daily achieved similar blood sugar reductions as those treated with the sulfonylureas glipizide or glimepiride, with significantly fewer events of hypoglycemia (low blood sugar), and with weight loss instead of weight gain. Results were presented at the American Diabetes Association 73rd Scientific Sessions.
"Chronic renal disease is, unfortunately, an increasingly common problem in patients with type 2 diabetesand one which can complicate physicians' management of their patients' blood sugar control," said Peter Stein, vice president of Clinical Research for diabetes and endocrinology, Merck Research Laboratories. "Treatments which can help patients with diabetes and renal insufficiency get to improved glycemic control, without increasing the risk of hypoglycemia, may be very useful."
Patients taking JANUVIA 100 mg once-daily achieved similar blood sugar reductions (-0.62 LS mean A1Ci reduction from a baseline of 7.6%) as patients taking a sulfonylurea (-0.68 LS mean A1C reduction from a baseline of 7.6%).
Of the patients taking JANUVIA (sitagliptin), 6.8 percent experienced one or more episodes of symptomatic hypoglycemia, compared to 26.2 percent of patients taking a sulfonylurea (p
JANUVIA is indicated, as an adjunct to diet and exercise, to improve glycemic control in adults with type 2 diabetes mellitus. JANUVIA should not be used in patients with type 1 diabetes or for the treatment of diabetic ketoacidosis. JANUVIA has not been studied in patients with a history of pancreatitis. It is unknown whether patients with a history of pancreatitis are at increased risk of developing pancreatitis while taking JANUVIA. There have been no clinical studies establishing conclusive evidence of macrovascular risk reduction with JANUVIA or with any other antidiabetic drug.
Design of Post-hoc Analysis
This post-hoc analysis pooled data from three randomized, double-blind studies conducted over 25-30 weeks that included 1,180 patients with type 2 diabetes and mild renal insufficiencyii. The analysis compared the effects of JANUVIA 100 mg (n=584) once daily to a sulfonylurea, either glipizide or glimepiride (n=596) in titrated doses, on change from baseline in A1C, fasting plasma glucose, body weight, and the incidence of symptomatic hypoglycemia.
Selected Important Risk Information About JANUVIA (sitagliptin) 50 mg, 100 mg tablets
JANUVIA is contraindicated in patients with a history of a serious hypersensitivity reaction to sitagliptin, such as anaphylaxis or angioedema.
There have been postmarketing reports of acute pancreatitis, including fatal and nonfatal hemorrhagic or necrotizing pancreatitis, in patients taking JANUVIA. After initiating JANUVIA (sitagliptin), observe patients carefully for signs and symptoms of pancreatitis. If pancreatitis is suspected, promptly discontinue JANUVIA and initiate appropriate management. It is unknown whether patients with a history of pancreatitis are at increased risk of developing pancreatitis while taking JANUVIA.
Assessment of renal function is recommended prior to initiating JANUVIA and periodically thereafter. A dosage adjustment is recommended in patients with moderate or severe renal insufficiency and in patients with end-stage renal disease requiring hemodialysis or peritoneal dialysis. Caution should be used to ensure that the correct dose of JANUVIA is prescribed.
There have been postmarketing reports of worsening renal function, including acute renal failure, sometimes requiring dialysis. A subset of these reports involved patients with renal insufficiency, some of whom were prescribed inappropriate doses of sitagliptin.
When JANUVIA was used in combination with a sulfonylurea or insulin, medications known to cause hypoglycemia, the incidence of hypoglycemia was increased over that of placebo. Therefore, a lower dose of sulfonylurea or insulin may be required to reduce the risk of hypoglycemia.
The incidence (and rate) of hypoglycemia based on all reports of symptomatic hypoglycemia were: 12.2 percent (0.59 episodes per patient-year) for JANUVIA 100 mg in combination with glimepiride (with or without metformin), 1.8 percent (0.24 episodes per patient-year) for placebo in combination with glimepiride (with or without metformin), 15.5 percent (1.06 episodes per patient-year) for JANUVIA 100 mg in combination with insulin (with or without metformin), and 7.8 percent(0.51 episodes per patient-year) for placebo in combination with insulin (with or without metformin).
There have been postmarketing reports of serious hypersensitivity reactions in patients treated with JANUVIA, such as anaphylaxis, angioedema, and exfoliative skin conditions including Stevens-Johnson syndrome. Onset of these reactions occurred within the first 3 months after initiation of treatment with JANUVIA, with some reports occurring after the first dose. If a hypersensitivity reaction is suspected, discontinue JANUVIA, assess for other potential causes for the event, and institute alternative treatment for diabetes.
Angioedema has also been reported with other dipeptidyl peptidase-4 (DPP-4) inhibitors. Use caution in a patient with a history of angioedema with another DPP-4 inhibitor because it is unknown whether such patients will be predisposed to angioedema with JANUVIA (sitagliptin).
There have been no clinical studies establishing conclusive evidence of macrovascular risk reduction with JANUVIA or with any other antidiabetic drug.
In clinical studies, the adverse reactions reported, regardless of investigator assessment of causality, in greater than or equal to 5 percent of patients treated with JANUVIA as monotherapy and in combination therapy and more commonly than in patients treated with placebo, were upper respiratory tract infection, nasopharyngitis, and headache.
###
About Merck
Today's Merck is a global healthcare leader working to help the world be well. Merck is known as MSD outside the United States and Canada. Through our prescription medicines, vaccines, biologic therapies, and consumer care and animal health products, we work with customers and operate in more than 140 countries to deliver innovative health solutions. We also demonstrate our commitment to increasing access to healthcare through far-reaching policies, programs and partnerships. For more information, visit http://www.merck.com and connect with us on Twitter, Facebook and YouTube.
Forward-Looking Statement
This news release includes "forward-looking statements" within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. These statements are based upon the current beliefs and expectations of Merck's management and are subject to significant risks and uncertainties. If underlying assumptions prove inaccurate or risks or uncertainties materialize, actual results may differ materially from those set forth in the forward-looking statements.
Risks and uncertainties include but are not limited to, general industry conditions and competition; general economic factors, including interest rate and currency exchange rate fluctuations; the impact of pharmaceutical industry regulation and health care legislation in the United States and internationally; global trends toward health care cost containment; technological advances, new products and patents attained by competitors; challenges inherent in new product development, including obtaining regulatory approval; Merck's ability to accurately predict future market conditions; manufacturing difficulties or delays; financial instability of international economies and sovereign risk; dependence on the effectiveness of Merck's patents and other protections for innovative products; and the exposure to litigation, including patent litigation, and/or regulatory actions.
Merck undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise. Additional factors that could cause results to differ materially from those described in the forward-looking statements can be found in Merck's 2012 Annual Report on Form 10-K and the company's other filings with the Securities and Exchange Commission (SEC) available at the SEC's Internet site (http://www.sec.gov).
i A1C is a measure of a person's average blood glucose over a two- to three-month period.
ii The estimated Glomerular Filtration Rate (eGFR) is an overall index of kidney function. The National Kidney Foundation's criteria for mild renal insufficiency is eGFR = 60 to 89 mL/min/1.73 m2.
Prescribing Information and Medication Guide for JANUVIA (sitagliptin) are available at http://www.merck.com/product/usa/pi_circulars/j/januvia/januvia_pi.pdf and http://www.merck.com/product/usa/pi_circulars/j/januvia/januvia_mg.pdf.
[ | E-mail | Share ] ?
AAAS and EurekAlert! are not responsible for the accuracy of news releases posted to EurekAlert! by contributing institutions or for the use of any information through the EurekAlert! system.
Public release date: 22-Jun-2013[ | E-mail |
Share ] Contact: Pam Eisele
908-423-5042
Kim Hamilton
908-423-6831
908-391-0131
Carol Ferguson
908-423-4465
Merck
WHITEHOUSE STATION, N.J., June 22, 2013 Merck (NYSE: MRK), known as MSD outside the United States and Canada, today announced results from a post-hoc pooled analysis showing patients with type 2 diabetes and mild renal impairment treated with JANUVIA (sitagliptin) 100 mg once-daily achieved similar blood sugar reductions as those treated with the sulfonylureas glipizide or glimepiride, with significantly fewer events of hypoglycemia (low blood sugar), and with weight loss instead of weight gain. Results were presented at the American Diabetes Association 73rd Scientific Sessions.
"Chronic renal disease is, unfortunately, an increasingly common problem in patients with type 2 diabetesand one which can complicate physicians' management of their patients' blood sugar control," said Peter Stein, vice president of Clinical Research for diabetes and endocrinology, Merck Research Laboratories. "Treatments which can help patients with diabetes and renal insufficiency get to improved glycemic control, without increasing the risk of hypoglycemia, may be very useful."
Patients taking JANUVIA 100 mg once-daily achieved similar blood sugar reductions (-0.62 LS mean A1Ci reduction from a baseline of 7.6%) as patients taking a sulfonylurea (-0.68 LS mean A1C reduction from a baseline of 7.6%).
Of the patients taking JANUVIA (sitagliptin), 6.8 percent experienced one or more episodes of symptomatic hypoglycemia, compared to 26.2 percent of patients taking a sulfonylurea (p
JANUVIA is indicated, as an adjunct to diet and exercise, to improve glycemic control in adults with type 2 diabetes mellitus. JANUVIA should not be used in patients with type 1 diabetes or for the treatment of diabetic ketoacidosis. JANUVIA has not been studied in patients with a history of pancreatitis. It is unknown whether patients with a history of pancreatitis are at increased risk of developing pancreatitis while taking JANUVIA. There have been no clinical studies establishing conclusive evidence of macrovascular risk reduction with JANUVIA or with any other antidiabetic drug.
Design of Post-hoc Analysis
This post-hoc analysis pooled data from three randomized, double-blind studies conducted over 25-30 weeks that included 1,180 patients with type 2 diabetes and mild renal insufficiencyii. The analysis compared the effects of JANUVIA 100 mg (n=584) once daily to a sulfonylurea, either glipizide or glimepiride (n=596) in titrated doses, on change from baseline in A1C, fasting plasma glucose, body weight, and the incidence of symptomatic hypoglycemia.
Selected Important Risk Information About JANUVIA (sitagliptin) 50 mg, 100 mg tablets
JANUVIA is contraindicated in patients with a history of a serious hypersensitivity reaction to sitagliptin, such as anaphylaxis or angioedema.
There have been postmarketing reports of acute pancreatitis, including fatal and nonfatal hemorrhagic or necrotizing pancreatitis, in patients taking JANUVIA. After initiating JANUVIA (sitagliptin), observe patients carefully for signs and symptoms of pancreatitis. If pancreatitis is suspected, promptly discontinue JANUVIA and initiate appropriate management. It is unknown whether patients with a history of pancreatitis are at increased risk of developing pancreatitis while taking JANUVIA.
Assessment of renal function is recommended prior to initiating JANUVIA and periodically thereafter. A dosage adjustment is recommended in patients with moderate or severe renal insufficiency and in patients with end-stage renal disease requiring hemodialysis or peritoneal dialysis. Caution should be used to ensure that the correct dose of JANUVIA is prescribed.
There have been postmarketing reports of worsening renal function, including acute renal failure, sometimes requiring dialysis. A subset of these reports involved patients with renal insufficiency, some of whom were prescribed inappropriate doses of sitagliptin.
When JANUVIA was used in combination with a sulfonylurea or insulin, medications known to cause hypoglycemia, the incidence of hypoglycemia was increased over that of placebo. Therefore, a lower dose of sulfonylurea or insulin may be required to reduce the risk of hypoglycemia.
The incidence (and rate) of hypoglycemia based on all reports of symptomatic hypoglycemia were: 12.2 percent (0.59 episodes per patient-year) for JANUVIA 100 mg in combination with glimepiride (with or without metformin), 1.8 percent (0.24 episodes per patient-year) for placebo in combination with glimepiride (with or without metformin), 15.5 percent (1.06 episodes per patient-year) for JANUVIA 100 mg in combination with insulin (with or without metformin), and 7.8 percent(0.51 episodes per patient-year) for placebo in combination with insulin (with or without metformin).
There have been postmarketing reports of serious hypersensitivity reactions in patients treated with JANUVIA, such as anaphylaxis, angioedema, and exfoliative skin conditions including Stevens-Johnson syndrome. Onset of these reactions occurred within the first 3 months after initiation of treatment with JANUVIA, with some reports occurring after the first dose. If a hypersensitivity reaction is suspected, discontinue JANUVIA, assess for other potential causes for the event, and institute alternative treatment for diabetes.
Angioedema has also been reported with other dipeptidyl peptidase-4 (DPP-4) inhibitors. Use caution in a patient with a history of angioedema with another DPP-4 inhibitor because it is unknown whether such patients will be predisposed to angioedema with JANUVIA (sitagliptin).
There have been no clinical studies establishing conclusive evidence of macrovascular risk reduction with JANUVIA or with any other antidiabetic drug.
In clinical studies, the adverse reactions reported, regardless of investigator assessment of causality, in greater than or equal to 5 percent of patients treated with JANUVIA as monotherapy and in combination therapy and more commonly than in patients treated with placebo, were upper respiratory tract infection, nasopharyngitis, and headache.
###
About Merck
Today's Merck is a global healthcare leader working to help the world be well. Merck is known as MSD outside the United States and Canada. Through our prescription medicines, vaccines, biologic therapies, and consumer care and animal health products, we work with customers and operate in more than 140 countries to deliver innovative health solutions. We also demonstrate our commitment to increasing access to healthcare through far-reaching policies, programs and partnerships. For more information, visit http://www.merck.com and connect with us on Twitter, Facebook and YouTube.
Forward-Looking Statement
This news release includes "forward-looking statements" within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. These statements are based upon the current beliefs and expectations of Merck's management and are subject to significant risks and uncertainties. If underlying assumptions prove inaccurate or risks or uncertainties materialize, actual results may differ materially from those set forth in the forward-looking statements.
Risks and uncertainties include but are not limited to, general industry conditions and competition; general economic factors, including interest rate and currency exchange rate fluctuations; the impact of pharmaceutical industry regulation and health care legislation in the United States and internationally; global trends toward health care cost containment; technological advances, new products and patents attained by competitors; challenges inherent in new product development, including obtaining regulatory approval; Merck's ability to accurately predict future market conditions; manufacturing difficulties or delays; financial instability of international economies and sovereign risk; dependence on the effectiveness of Merck's patents and other protections for innovative products; and the exposure to litigation, including patent litigation, and/or regulatory actions.
Merck undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise. Additional factors that could cause results to differ materially from those described in the forward-looking statements can be found in Merck's 2012 Annual Report on Form 10-K and the company's other filings with the Securities and Exchange Commission (SEC) available at the SEC's Internet site (http://www.sec.gov).
i A1C is a measure of a person's average blood glucose over a two- to three-month period.
ii The estimated Glomerular Filtration Rate (eGFR) is an overall index of kidney function. The National Kidney Foundation's criteria for mild renal insufficiency is eGFR = 60 to 89 mL/min/1.73 m2.
Prescribing Information and Medication Guide for JANUVIA (sitagliptin) are available at http://www.merck.com/product/usa/pi_circulars/j/januvia/januvia_pi.pdf and http://www.merck.com/product/usa/pi_circulars/j/januvia/januvia_mg.pdf.
[ | E-mail | Share ] ?
AAAS and EurekAlert! are not responsible for the accuracy of news releases posted to EurekAlert! by contributing institutions or for the use of any information through the EurekAlert! system.
Source: http://www.eurekalert.org/pub_releases/2013-06/gg-nas062113.php
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lern2play Resources and Information. This website is for sale!
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Saturday, June 22, 2013
More U.S. senators concerned by Shuanghui-Smithfield deal
WASHINGTON (Reuters) - More U.S. senators on Friday raised concerns about a Chinese company's plan to buy U.S. pork company Smithfield Foods Inc
"This review must be thorough and take into account the full range of national security interests," the top Democrat and Republican on the Senate Finance Committee said in a letter to U.S. Treasury Secretary Jack Lew and U.S. Trade Representative Michael Froman.
"In particular, we urge that due consideration be given to the impact of the transaction on food safety in the United States," added Senators Max Baucus, a Montana Democrat and the committee's chairman, and Orrin Hatch, a Utah Republican.
That echoed a demand made on Thursday by 15 of the 20 members of the Senate Agriculture Committee.
Chinese meat company Shuanghui International hopes to buy Smithfield, the world's largest pork producer and processor, for $4.7 billion in what would be the biggest takeover of a U.S. company by a Chinese firm.
The companies, out of what lawyers said was "an abundance of caution," filed the proposed deal with the Committee on Foreign Investment in the United States (CFIUS) which reviews foreign investment for any potential threat to national security.
Many CFIUS experts believe it is unlikely the Obama administration will decide that Chinese investment in the U.S. food sector is a national security threat.
"I think the Chinese will bring home the bacon," said Timothy Keeler, a former U.S. Treasury and trade official who now advises companies with deals that go before CFIUS.
In a statement on Thursday, Smithfield said it welcomed a full review of the deal and would continue to cooperate with the administration and Congress in that effort.
"We believe the proposed combination does not present any national security concerns, is good for U.S. farmers and agriculture and will advance U.S.-China relations," a spokeswoman for Smithfield said.
Baucus and Hatch said the proposed sale threw a spotlight on longtime Chinese restrictions on U.S. meat, and urged the Obama administration to aggressively push back on those measures.
"The purchase of Smithfield - the largest pork producer in the world - is difficult to square with China's restrictive policies that effectively ban U.S. pork," the senators said.
China currently bans imports of pork containing any residue of ractopamine, a feed additive used widely in the United States with backing from the Codex Alimentarius, the international food safety standards body.
It also blocks imports of almost all U.S. beef because of mad cow disease concerns, despite a finding by the World Animal Health Organization that U.S. beef is safe.
"As a result, while Chinese meat producers are free to bid on U.S. companies accounting for a significant share of U.S. pork production, our producers remain shut out of the important Chinese market," the senators said.
(Reporting by Doug Palmer; Editing by Eric Walsh)
Source: http://news.yahoo.com/more-u-senators-concerned-shuanghui-smithfield-deal-214716325.html
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Why Your DVR Hates the Last Few Seconds of Shows So Much
There's nothing quite like missing the very last seconds of that show you so painstakingly DVRed. Especially if that show is a live sporting event, and you explicitly told the damned box to keep going for an hour or two afterwards. It shouldn't have to be that way, though. And as Slate explains, there's a better world of perfect recording just across the pond.
The problem isn't quite that your DVR is stupid, but rather that it's being fed bad information. Standard American DVRs only know what's on by looking at on-screen programming guides, which are put out and updated by some third-party, not the people who are actually running the shows. And when those guides switch out just a second too early, you're screwed. It's a wildy inaccurate system.
It's different in Europe. Slate explains:
[Broadcasters supply] what?s called ?present and following? information?that is, the identity of the program that?s airing right now and the one that?s scheduled to air next. Even if a program (like, say, a sporting event) is supposed to end at 10:30 p.m., the broadcaster will not change that present and following data until the game is actually over.
And why don't we have that here? It's less a technical reason and just that no one is really asking for it. Come on, guys. You can read more about the ins and outs of the problem over at Slate. And sure, it'd be nice to just go all digital, all on-demand streams. But in the meantime, this is a good thing to fix. [Slate]
Image by Vasaleks/Shutterstock
Source: http://gizmodo.com/why-your-dvr-hates-the-last-few-seconds-of-shows-so-muc-541414934
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Is the drop in financial markets an overreaction?
Specialist John Urbanowicz works on the floor of the New York Stock Exchange, Thursday, June 20, 2013. Financial markets are sliding after the Federal Reserve said it could end its huge bond-buying program by the middle of next year. (AP Photo/Richard Drew)
Specialist John Urbanowicz works on the floor of the New York Stock Exchange, Thursday, June 20, 2013. Financial markets are sliding after the Federal Reserve said it could end its huge bond-buying program by the middle of next year. (AP Photo/Richard Drew)
Specialist Mario Picone works on the floor of the New York Stock Exchange, Thursday, June 20, 2013. Financial markets are sliding after the Federal Reserve said it could end its huge bond-buying program by the middle of next year. (AP Photo/Richard Drew)
Specialist John O'Hara works at his post on the floor of the New York Stock Exchange, Thursday, June 20, 2013. Financial markets are sliding after the Federal Reserve said it could end its huge bond-buying program by the middle of next year. (AP Photo/Richard Drew)
Trader Justin Flinn works in a booth on the floor of the New York Stock Exchange, Thursday, June 20, 2013. Financial markets are sliding after the Federal Reserve said it could end its huge bond-buying program by the middle of next year. (AP Photo/Richard Drew)
NEW YORK (AP) ? Stunned investors are now wondering whether the markets' big sell-off was an overreaction or a sign of more volatility to come.
Global financial markets plunged Thursday after the Federal Reserve roiled Wall Street by saying it could reduce its aggressive economic stimulus program later this year. Concerns about China's economy heightened worries.
The global selling spree began in Asia and quickly spread to Europe and then the U.S., where the Dow Jones industrial average fell 353 points, wiping out six weeks of gains.
But the damage wasn't just in stocks. Bond prices fell, and the yield on the benchmark 10-year Treasury note rose to 2.42 percent, its highest level since August 2011, although still low by historical standards. Oil and gold also slid.
"People are worried about higher interest rates," said Robert Pavlik, chief market strategist at Banyan Partners. "Higher rates have the ability to cut across all sectors of the economy."
The losses extended into Asia early Friday. Hong Kong's Hang Seng tumbled 1.5 percent, while South Korea's Kospi declined 2 percent. Japan's Nikkei 225 index, the regional heavyweight, fell marginally.
So what next? Traders and investors are looking for a new equilibrium after a period of ultra-low rates, due to the Fed's bond-buying, which helped spawn one of the great bull markets of all time.
It doesn't mean the stock run-up is over. After all, the S&P 500 is still up 11.4 percent for the year and 135 percent since a recession low in March 2009. But it may suggest the start of a new phase in which the fortunes of the stock market are tied more closely to the fundamentals of the economy.
And that might not be a bad thing. The reason the Fed is pulling back on the bond-buying is because its forecast for the economy is getting brighter.
The job market is improving, corporations are making record profits and the housing market is recovering.
"People are overreacting a little bit," said Gene Goldman, head of research at Cetera Financial Group. "It goes back to the fundamentals, the economy is improving."
The Dow's drop Thursday ? which knocked the average down 2.3 percent to 14,758.32 ? was its biggest since November 2011. It comes just three weeks after the blue-chip index reached an all-time high of 15,409. The index has lost 560 points in the past two days, wiping out its gains from May and June
The Standard & Poor's 500 lost 40.74 points, or 2.5 percent, to 1,588.19. It also reached a record high last month, peaking at 1,669. The Nasdaq composite fell 78.57 points, or 2.3 percent, to 3,364.63.
Small-company stocks fell more than the rest of the market Thursday, a sign that investors are aggressively reducing risk. The Russell 2000 index, which includes such stocks, slumped 25.98 points, or 2.6 percent, to 960.52. The index closed at a record high of 999.99 points Tuesday.
The yield on the 10-year Treasury note rose to 2.42 percent, from 2.35 percent Wednesday. The yield, which rises as the price of the note falls, surged 0.16 percentage point Wednesday after the Fed's comments. As recently as May 3, it was 1.63 percent.
A Fed policy statement and comments from Chairman Ben Bernanke started the selling in stocks and bonds Wednesday.
Bernanke said that the Fed expects to scale back its massive bond-buying program later this year and end it entirely by mid-2014 if the economy continues to improve.
The bank has been buying $85 billion a month in Treasury and mortgage bonds, a program that has made borrowing cheap for consumers and business. It has also helped boost the stock market.
Alec Young, a global equity strategist at S&P Capital IQ, said investors weren't expecting Bernanke to say the program could end so quickly, and are adjusting their portfolios in anticipation of higher U.S. interest rates.
"What we're seeing is a pretty significant sea-change in investor strategy," Young said
For much of the year, the stock market rose with barely an interruption. The S&P 500 climbed for seven months straight from November 2012 through May. Investors, fearful of missing out on the rally, pounced on any dips and pushed markets to record highs. On Thursday, those opportunistic buyers were absent. Nobody wanted to stand in the way of the market's slide.
As investors sold stocks, they likely put the proceeds in cash "for fear the deterioration will continue," said Quincy Krosby, a market strategist at Prudential Financial.
The sharp increase in bond yields prompted investors to sell homebuilders, whose business could be hurt if the pace of home buying slows down. Those stocks fell Thursday even though the National Association of Realtors said U.S. sales of previously occupied homes last month topped 5 million at an annual rate for the first time in 3 ? years.
PulteGroup plunged $1.89, or 9.1 percent, to $18.87. D.R. Horton fell $2.13, also 9.1 percent, to $21.31.
Markets were also unnerved after manufacturing in China slowed at a faster pace this month as demand weakened. That added to concerns about growth in the world's second-largest economy. A monthly purchasing managers index from HSBC fell to a nine-month low of 48.3 in June. Numbers below 50 indicate a contraction.
A big jump in the overnight lending rate in China also unsettled investors, said Brad Reynolds, a financial adviser at LJPR. The rate measures how much banks charge each other to borrow short-term money. The People's Bank of China was forced to pump about 50 billion yuan, about $8 billion, into the Chinese financial system to alleviate the squeeze, Bloomberg News reported.
Before trading began Thursday on Wall Street, Japan's Nikkei index lost 1.7 percent. The FTSE 100 index of leading British shares fell 3 percent while Germany's DAX dropped 3.3 percent.
In currency trading, the dollar rose to 97.34 Japanese yen from 96.54 yen. The euro fell against the dollar, to $1.3197 from $1.3274.
Gold plunged, leading a rout in commodity prices. Gold dropped $87.80, or 6.4 percent, to $1,286.20 an ounce. Silver fell $1.80, or 8.3 percent, to $19.823 an ounce. Both are at their lowest since September 2010.
Traders dumped gold and silver as their appeal as insurance against inflation and a weak dollar faded. Both became less of an issue after the Fed said it was contemplating an end to its bond-buying program.
Oil was swept up in the sell-off. Crude oil had its biggest one-day price drop since November. U.S. benchmark oil for July delivery sank $2.84, or 2.9 percent, to finish at $95.40 a barrel in New York. Gasoline futures fell more than 3 percent.
Some investors said the sell-off in stocks may be overdone. The Fed is considering easing back on its stimulus because the economy is improving. The central bank has upgraded its outlook for unemployment and economic growth.
The S&P 500 is still up 11.3 percent, for the year, not far from its full-year increase of 13.4 percent last year.
.
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