S&P 500 Drops Most in 9 Weeks Amid Tension Over Syria

Bloomberg (28/8) - U.S. stocks fell, with the Standard & Poor’s 500 Index dropping the most since June 20, as growing tension over possible military action in Syria overshadowed a report showing consumer confidence unexpectedly rose in August. Financial and technology shares lost at least 2 percent to lead declines among 10 S&P 500 main industries. American Express Co. and Microsoft Corp. sank more than 2.3 percent. Southwest Airlines Co. tumbled 3.5 percent amid concern surging oil prices will boost fuel costs. D.R. Horton Inc. fell 3.8 percent as a report showed residential real-estate prices increased in June at a slower pace. The S&P 500 slid 1.6 percent to 1,630.48 at 4 p.m. in New York, the lowest closing level since July 3 and 4.6 percent below the latest record on Aug. 2. The Dow Jones Industrial Average dropped 170.33 points, or 1.1 percent, to 14,776.13, The gauge has fallen eight of the past 10 sessions to the lowest since June 25. http://www.bloomberg.com/news/2013-08-27/u-s-stock-index-futures-fall-before-confidence-report.html