U.S. Stocks Fall as Jobless Claims Data Cast Doubts on Recovery
This article is for subscribers only.
U.S. stocks fell, sending the Standard & Poor’s 500 Index to the biggest three-day decline since July 1, after an unexpected rise in unemployment claims added to evidence the recovery is weakening.
Cisco Systems Inc., the world’s largest maker of networking equipment, tumbled 10 percent after forecasting sales that missed analysts’ estimates. Juniper Networks Inc. dropped 6.8 percent. Caterpillar Inc., the world’s largest maker of construction equipment, retreated 1.8 percent as rising jobless claims signaled firings stepped up in a slowing economy. Estee Lauder Cos. slumped 2.6 percent after profit missed estimates.