U.S. Stocks Fall as Reports Damp Economic Optimism; Exxon Drops
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U.S. stocks fell this week, sending the Standard & Poor’s 500 Index to the lowest level since Jan. 31, after American and Chinese reports damped optimism about the global economy.
Equities pared their weekly decline yesterday as fuel, metal and industrial companies helped the market overcome a global slump that followed Japan’s worst earthquake on record. Exxon Mobil Corp. lost 3.5 percent since March 4, leading the Dow Jones Industrial Average lower, as oil fell 3.1 percent. Finisar Corp. plunged 46 percent, driving down networking companies such as JDS Uniphase Corp., after its profit forecast trailed analysts’ estimates.