U.S. Stocks Tumble on Global Economy, European Funding Concerns

U.S. stocks tumbled, sending the Dow Jones Industrial Average down more than 400 points for the fourth time this month, on concern the global economy is slowing and speculation that European banks lack enough capital.

Caterpillar Inc. and FedEx Corp. fell at least 4.9 percent, pacing losses in stocks most-tied to the economy, as a Philadelphia-area manufacturing index sank to the lowest since 2009, jobless claims and consumer prices rose, and existing home sales slid. Bank of America Corp. and Citigroup Inc. fell more than 6 percent, following a plunge in European lenders. Hewlett-Packard Co. sank 6 percent after cutting its earnings forecast.