U.S. Stocks Have Worst Week Since June After Obama’s Re-Election
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U.S. stocks had their biggest weekly decline since June as President Barack Obama’s re-election set up a budget showdown with the Republican-controlled House of Representatives.
All 10 groups in the Standard & Poor’s 500 Index dropped during the week. Utilities and phone companies fell the most amid concern the dividend tax may rise. Bank of America Corp. led financial shares down 3.1 percent and coal companies including Peabody Energy Corp. slid on bets Obama’s re-election will mean more regulation. Hospitals such as HCA Holdings Inc. rallied while insurers fell on speculation Obama will preserve the health-care overhaul he championed.