Pursuits
U.S. Stocks Drop as S&P 500 Erases 2011 Gain on Economic Concern
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U.S. stocks tumbled, erasing the 2011 gain for the Standard & Poor’s 500 Index, after an unexpected decline in consumer spending increased concern that growth in the world’s largest economy is faltering.
United Technologies Corp. and Caterpillar Inc. dropped at least 3.5 percent, pacing losses in companies most-dependent on economic growth. The Dow Jones Transportation Average, which is considered a proxy for the economy, slumped 3.7 percent. Ford Motor Co. retreated 4.1 percent as sales increased less than analysts estimated. Coach Inc., the largest U.S. luxury handbag maker, declined 6.5 percent after saying that a measure of profitability may not improve this year amid higher costs.