Stocks Drop Worldwide on Recession Concern, Earnings (Adria Cimino)

  Feb. 20 (Bloomberg) -- Stocks tumbled, sending the Standard & Poor’s 500 Index to its biggest weekly drop since November, Europe’s Dow Jones Stoxx 600 Index to a five-year low, and Japan’s Topix Index to the worst level since 1984. Treasuries rallied, while gold climbed above $1,000 an ounce.

  Lowe’s Cos., the second-biggest home-improvement retailer, declined 3.8 percent on a profit forecast that trailed analysts’ estimates. Anglo American Plc decreased 14 percent as the mining company suspended its dividend and share buybacks. Bridgestone Corp., the world’s largest tiremaker, fell 7.4 percent after saying profit will slide 71 percent this year.

  The MSCI World Index sank for a ninth straight day, retreating 2.4 percent to 771.35 at 2:32 p.m. in London. The index of 23 developed countries has lost 7.9 percent this week.

  Sentiment “is staggeringly bad,” said Mike Lenhoff, chief strategist at Brewin Dolphin Securities Ltd. in London. “There is renewed pressure on equity markets.” Brewin Dolphin oversees about $24 billion.

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