U.S. Stocks Decline as Commodities Retreat Most Since 2009
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U.S. stocks tumbled, sending the Standard & Poor’s 500 Index down for a fourth straight day, as shares of energy and raw-material companies slumped following the biggest plunge in commodities in almost two years.
Freeport-McMoRan Copper & Gold Inc. and Exxon Mobil Corp. slid at least 2.5 percent as metal prices sank and oil fell below $100 a barrel for the first time since March 17. General Motors Co. slumped 3.1 percent after saying that Chinese sales declined. The NYSE Arca Airline Index jumped 3.2 percent as crude extended its loss since April 29 to 12 percent. FedEx Corp., operator of the biggest cargo airline, added 2.9 percent.