U.S. stocks fell, with
Dow Jones Industrial Average tumbling more than 250 points, amid
mounting concern that central-bank efforts to support growth are losing
their potency.
The Standard &
Poor’s 500 Index pared losses in the last hour-and-a-half of trading,
after earlier falling as much as 2.3 percent, while the Nasdaq 100 Index
erased most of its decline. Banks led the retreat, with Citigroup Inc.
and Bank of America Corp. falling more than 6.5 percent. Boeing Co.
tumbled 6.8 percent after people familiar with the matter said
regulators are probing its accounting.
The S&P 500
dropped 1.2 percent to 1,829.06 at 4 p.m. in New York, extending
declines to a fifth day, its longest losing streak since September. The
benchmark fell to around the 1,810 level before rebounding. The Dow
Jones Industrial Average lost 255.17 points, or 1.6 percent, to
15,659.57, as Boeing’s plunge knocked 54 points off the index.
Signals by central
banks from Europe to Japan that additional stimulus is at the ready are
failing to ease worries that global growth will keep slowing. An initial
rally in U.S. stocks evaporated in the final hour of trading on
Wednesday as speculation that the Federal Reserve will hold off longer
on raising interest rates gave way to renewed concern over the strength
of the U.S. economy. Fed Chair Janet Yellen told Congress yesterday that
recent market turbulence may weigh on the outlook for the economy if it
persists.
The S&P 500 is 14
percent below its all-time high set in May, near its lowest level in two
years. The Nasdaq Composite Index is about 18 percent below its record
set in July amid a more than 15 percent drop so far this year.
Source: Bloomberg
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