U.S.
stocks fell a third day, after the Nasdaq 100 Index™s biggest drop in
two years, as technology and consumer shares extended last week™s slide.
European equities fell from a six-year high and Treasuries rose.
The
Standard & Poor™s 500 Index lost 0.9 percent at 12:27 p.m. in New
York for a third straight drop and a three-week low. The Nasdaq 100 fell
0.9 percent after a 2.7 percent slide on April 4. The Stoxx Europe 600
Index sank 1.2 percent, the most in a month. The yield on Spain™s
10-year bond rose three basis points to 3.18 percent while Treasuries
advanced to the highest level in more than a week.
Technology
shares have been hit as traders dump the biggest winners of the bull
market amid concern valuations have advanced too far. The Russell 2000
Index of small companies has lost 6.1 percent since a March 4 record.
Alcoa Inc., the largest U.S. aluminum producer, unofficially kicks off
the U.S. quarterly earnings season when it releases financial results
tomorrow. Bonds rose as investors speculate lower-than-estimated U.S.
jobs growth won™t prompt the Federal Reserve to accelerate stimulus
cuts.
Consumer
stocks fell 1.8 percent today, the most among the 10 main S&P 500
groups, after dropping 1.7 percent on April 4. The industry has lost 5.8
percent since a record close on March 6. Industrial and financial
shares retreated 1.2 percent.
Source : Bloomberg
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