U.S.
stocks fell, sending the Dow Jones Industrial Average to its biggest
two-day loss in a year, as energy shares plunged and the Federal Reserve
cited international risks to the American economy amid concerns about
weakness in multinational earnings.
Energy
companies slumped 3.9 percent as a group after oil retreated. Apple
Inc. climbed 5.7 percent after reporting a record $18 billion in
quarterly profit, one of the biggest in corporate history. Boeing Co.
advanced 5.4 percent as it posted a quarterly profit that beat analysts™
estimates.
The
Standard & Poor™s 500 Index fell 1.4 percent to 2,002.24 at 4 p.m.
in New York. The Dow Jones Industrial Average lost 192.88 points, or 1.1
percent, to 17,194.33. The gauge fell 2.8 percent over two days. The
Nasdaq 100 Index dropped 0.6 percent, erasing an earlier rally of 1.7
percent. The Chicago Board Options Exchange Volatility Index, known as
the VIX, added 17 percent to 19.09, its biggest jump of the year.
The Fed also boosted its assessment of the economy and labor market, even as it expects inflation to decline further.
Fed
officials are confronting divergent economic forces as they weigh the
timing of the first interest-rate increase since 2006. Surprisingly
strong job gains argue for tightening sooner, while inflation held down
by a plunge in oil prices and a cooling global economy provides grounds
for delay.
Source : Bloomberg
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