U.S. Stocks Slide for Third Week on Concern Over Europe, Economy
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U.S. stocks fell for a third straight week, including the biggest one-day drop since 2008, as Standard & Poor’s reduction of the nation’s credit rating and Europe’s debt crisis fueled concern the economy will falter.
The S&P 500 pared its slump in the last two days of the week as government data showed jobless claims unexpectedly decreased and retail sales improved. Bank of America Corp. plunged 12 percent, the worst performing stock in the Dow Jones Industrial Average. Walt Disney Co. sank 5.9 percent after posting disappointing third-quarter studio revenue. For-profit educator DeVry Inc. lost 23 percent, the largest drop in the S&P 500, after it said new undergraduate enrollment fell.