U.S. Stocks Tumble as S&P 500 Has Biggest Decline Since August
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U.S. stocks tumbled, dragging the Standard & Poor’s 500 Index to its biggest decline since August, as violence escalated in Libya and Wal-Mart Stores Inc. reported sales that trailed its own forecasts.
Wal-Mart fell 3.1 percent, the most since May 20. Bank of America Corp. retreated 3.9 percent after almost doubling a writedown for its credit-card unit to $20.3 billion. Freeport-McMoRan Copper & Gold Inc. slumped 4.9 percent as copper fell the most in three months amid concern that surging oil costs may slow economic growth. Exxon Mobil Corp. and Chevron Corp. rallied as Middle East tensions sent oil to a two-year high.