U.S.
stocks fell for the third time in four days as Twitter Inc. led a
selloff in Internet shares while American International Group Inc.
dragged down financial companies.
Twitter
plunged 18 percent as about 480 million shares from insiders became
eligible for sale, more than quadrupling the current amount available
for trading. AIG declined 4.1 percent after saying rising claims costs
contributed to a 27 percent drop in profit.
The S&P 500 retreated 0.9 percent to 1,867.73 at 4 p.m. in New York. The Nasdaq Composite Index slumped 1.4 percent.
The
Bloomberg IPO Index, tracking stocks including Twitter, slumped 2.3
percent. The gauge for newly public companies has dropped 9.9 percent
from its March peak as investors shifted out of the fastest-growing
industries and sought safety in firms with stable earnings and
dividends.
Source : Bloomberg
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