Dow Caps Longest Losing Streak Since August on Economic Reports
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U.S. stocks fell for a fourth day, the longest streak for the Dow Jones Industrial Average since August, as reports showed consumer confidence trailed economists’ projections and business activity cooled.
Stocks pared earlier losses as financial shares rallied. Morgan Stanley and Goldman Sachs Group Inc. added at least 1.5 percent. Exxon Mobil Corp., the largest energy company by market value, dropped 2.1 percent on lower-than-forecast sales. Archer Daniels Midland Co. tumbled 3.6 percent as the world’s biggest grain processor reported an 89 percent plunge in earnings. Amazon.com Inc. tumbled 9.2 percent at 5:18 p.m. New York time as sales at the largest Internet retailer missed estimates.