U.S.
stocks fell, sending the Standard & Poor™s 500 Index to a fourth
straight loss, as a decline in American retail sales and slump in copper
prices spurred concern that global growth is slowing.
Equities
pared losses during the afternoon after oil prices wiped out a drop of
1.9 percent and proceeded to rally almost 7 percent, while the Federal
Reserve™s Beige Book said the U.S. economy continued to expand last
month.
The
S&P 500 dropped 0.6 percent to 2,011.29 at 4 p.m. in New York,
trimming an earlier decline of 1.7 percent. The Dow Jones Industrial
Average lost 187.30 points, or 1.1 percent, to 17,426.38. Trading in
S&P 500 companies was 38 percent above the 30-day average for this
time of the day.
Freeport-McMoRan
Inc., the largest publicly-traded copper producer, dropped 11 percent
as the metal™s price plunged 5.3 percent. JPMorgan Chase & Co. lost
3.5 percent after fourth-quarter profits slumped, while an index of
banks tumbled 10 percent from a December high. Wal-Mart Stores Inc.
retreated 3.1 percent as the World Bank lowered its outlook for the
global economy.
After
going through all of 2014 without a losing streak of more than three
days, the S&P 500 today completed its second slide of at least four
straight days in the past 11 sessions. The gauge has tumbled 3.8 percent
in that period.
Source: Bloomberg
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