U.S. Stocks Slump to Lowest Since August After Retail Sales Data
- S&P 500 pare losses after earlier falling as much as 3.3%
- Nasdaq Composite Index falls to lowest since October 2014
U.S. Stocks Join Global Rout, What's Next?
U.S. stocks dropped, with the Standard & Poor’s 500 Index falling to its lowest level since Aug. 25, as the rout in oil persisted and data showing falling retail sales rekindled concern about the health of the economy.
The S&P 500 pared earlier losses that sent it 3.3 percent lower, while technology and energy stocks led losses today. Goldman Sachs Group Inc. fell 3.6 percent after agreeing to settle a U.S. probe into its handling of mortgage-backed securities, a move that will cut its fourth-quarter profit by about $1.5 billion. Citigroup Inc. and Wells Fargo & Co. lost at least 3.6 percent even after reporting quarterly earnings that topped projections. Wal-Mart Stores Inc. dropped 1.8 percent after saying it plans to close 269 stores.