U.S. Stocks Drop on Higher Energy Prices, Chipmaker Downgrade
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U.S. stocks slid, erasing last week’s advance, as escalating violence in Libya sent oil higher and chipmakers tumbled after Wells Fargo & Co. reduced its recommendation on the industry.
Intel Corp., the world’s largest semiconductor company, slid 1.6 percent following Wells Fargo’s downgrade, while Micron Technology Inc. lost 5.2 percent. JDS Uniphase Corp. fell 6.9 percent, the most in the Standard & Poor’s 500 Index, after Ciena Corp.’s revenue forecast missed analysts’ estimates. Alcoa Inc., Intel Corp. and Hewlett-Packard Co. lost at least 1.4 percent to lead declines in the Dow Jones Industrial Average.