Pursuits
U.S. Stocks Fall as Fitch Says Europe a Risk to American Banks
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U.S. stocks tumbled, erasing yesterday’s gains, as Fitch Ratings said further contagion from Europe’s debt crisis will pose a risk to American banks and amid concern higher oil prices will hamper economic growth.
Financial shares led Standard & Poor’s 500 Index losses as Citigroup Inc. and Morgan Stanley dropped at least 4.1 percent. Dell Inc. sank 3.2 percent as the personal computer maker told investors to expect slower sales growth for the rest of the year. Abercrombie & Fitch Co. tumbled 14 percent as profit at the clothing retailer trailed estimates. Rambus Inc. plunged 61 percent after losing a jury trial against Micron Technology Inc. and Hynix Semiconductor Inc. Micron surged 23 percent.