U.S.
stocks fell, after the Standard & Poor™s 500 Index posted its first
back-to-back weekly retreat since October, as the continuing selloff in
crude pulled down energy shares before the start of corporate earnings.
Energy
shares tumbled 2.7 percent, the most among 10 groups in the S&P
500, as crude dropped 4 percent. Tiffany & Co. lost 12 percent after
the jewelry retailer lowered its annual forecast after sales declined
during the holiday. SanDisk Corp. fell the most in almost six months
after reporting preliminary results below its own estimates.
The
S&P 500 slid 0.6 percent to 2,032.30 at 12:10 p.m. in New York.
Losses accelerated after the market™s open as the benchmark gauge fell
through its average price for the past 50 days. The Dow Jones Industrial
Average lost 67.18 points, or 0.4 percent, to 17,670.19. Trading in
S&P 500 companies was 4.8 percent above the 30-day average for this
time of the day.
The
index lost 0.7 percent last week, following a 1.5 percent drop the
prior week, amid concern over sliding oil prices, falling U.S. wages and
that the European Central Bank™s bond-buying plan won™t be enough to
combat deflation.
Investors
were whipsawed during the week as the S&P 500 had up and down
swings of more than 1 percent on three separate days, with an average
daily move of 1.3 percent for the full week. The volatility stands in
contrast to 2014, when the gauge fluctuated 0.53 percent on average each
day for the calmest year in U.S. stocks since 2006.
Source: Bloomberg
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