U.S.
stocks fell as declines in technology and consumer-discretionary
companies offset a rebound in energy shares before tomorrows monetary
decision by Federal Reserve policy makers.
For
a second day, investors were whipsawed by the biggest stock swings in
two months. The S&P 500 fell 0.7 percent in the first 10 minutes of
trading then rebounded, surging as much as 1.4 percent as crude erased
losses. The index reversed gains in the early afternoon, climbed again
and then headed lower in the final hour. The 44-point move from top to
bottom is the biggest for any day since mid-October, when the index was
ending its worst retreat in 2014.
Microsoft
Corp., Google Inc. and Facebook Inc. dropped at least 2.8 percent as
technology shares slumped. Amazon.com Inc. lost 3.4 percent. Range
Resources Corp., Nabors Industries Ltd. and Diamond Offshore Drilling
Inc. paced gains among energy companies. Boeing Co., 3M Co. and CVS
Health Corp. increased more than 1.7 percent after raising their
dividends.
The
S&P 500 fell 0.8 percent to 1,973.07 at 4 p.m. in New York. The Dow
Jones Industrial Average dropped 103.14 points, or 0.6 percent, to
17,077.70. The technology-heavy Nasdaq 100 Index tumbled 1.6 percent.
Trading in S&P 500 companies was 39 percent above the 30-day average
for this time of the day.
Source : Bloomberg
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