U.S. Stocks Fall as S&P 500 Drops to Lowest Level Since January
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U.S. stocks retreated, sending the Standard & Poor’s 500 Index to the lowest level since January, following an increase in jobless claims, a wider American trade deficit and a slowdown in China’s export growth.
Caterpillar Inc. and United Technologies Corp. slumped at least 2.3 percent, pacing declines among industrial companies. Exxon Mobil Corp. and Chevron Corp. dropped more than 2.9 percent as crude oil declined a third day amid investor concern that fuel demand will slow. General Motors Co. decreased 2.6 percent after the largest U.S. automaker said Chief Financial Officer Chris Liddell will leave the company next month.