U.S. stocks fell, with the Standard & Poors 500 Index sinking the most in seven weeks, as energy shares renewed a selloff after OPEC cut its forecast on 2015 demand for crude.
The S&P 500 lost
1.6 percent to 2,026.15 at 4 p.m. in New York, the lowest since Nov. 5.
The benchmark gauge has slumped 2.4 percent over the past three days,
after reaching a record on Dec. 5. The Dow Jones Industrial Average
dropped 267.67 points, or 1.5 percent, to 17,533.53. The Dows retreat
was its biggest since Oct. 9.
The S&P 500 closed
little changed yesterday after reversing a loss of as much as 1.3
percent. The gauge has jumped 9.6 percent in 2014, heading for a third
year of gains, fueled by better-than-forecast economic data and
corporate earnings.
Data later this week
may show U.S. retail sales increased in November, initial jobless claims
last week stayed unchanged from a week earlier, and consumer confidence
improved this month, according to economists surveyed by Bloomberg.
Source : Bloomberg
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