Stock market hammered despite upbeat data

Upbeat economic reports added to uncertainty about the outlook for interest rates, a day after data showed the U.S. economy had slowed to a crawl in the first quarter and the Federal Reserve pointed to weakness in the labor market and other areas of the U.S. economy. The Nasdaq biotech index dropped 3.1 percent on Thursday, led by a 4.5 percent fall in Celgene , which reported lower-than-expected quarterly revenue. The decline marked a fifth day of losses for the biotech index, which was down 8.