U.S.
stocks fell, sending the Nasdaq Composite Index down the most in two
weeks, as technology tumbled and investors sold the quarter™s biggest
winners.
Intel
Corp., International Business Machines Corp. and Microsoft Corp. fell
the most in the Dow Jones Industrial Average. Kraft Foods Group Inc.
soared 39 percent after Warren Buffett™s Berkshire Hathaway Inc. teamed
with 3G Capital to acquire the food company and merge it with ketchup
maker H.J. Heinz.
The
Nasdaq Composite lost 1.6 percent at 12:27 p.m. in New York, its third
straight slide and longest since January after climbing to within 20
points of its dot-com-era record. The Standard & Poor™s 500 Index
slipped 0.9 percent to 2,073.81. The Dow declined 189.14 points, or 1.1
percent, to 17,822.00.
While
the S&P 500 is among the worst-performing developed-market indexes
this year, it is still headed for its ninth consecutive quarterly
advance, with a 0.7 percent increase. That would be the longest winning
streak since 1998. The gains pushed equity valuations to the highest in
about six years.
Source : Bloomberg
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