U.S. Stocks Drop as Cyprus Bank Levy Renews Euro Concern
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U.S. stocks fell, after the Dow Jones Industrial Average reached record highs last week, as a levy imposed by euro-area leaders on Cypriot bank deposits sparked concern the region’s debt crisis is intensifying.
Nine of 10 groups in the S&P 500 fell as financial shares dropped the most, sinking 1 percent. Schlumberger Ltd. retreated 3.9 percent after saying North American activity was below estimates. Carnival Corp. declined 3 percent amid analyst downgrades. Apple Inc. and Hewlett-Packard Co. climbed at least 2.7 percent for the biggest gains among technology shares.