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U.S. Stocks Drop as Economy Concern Offsets Valuations; HP Falls

U.S. stocks fell, posting the fourth straight weekly slump for the Standard & Poor’s 500 Index, as the cheapest price-earnings ratios since 2009 failed to lure investors amid concern the global economy is weakening.

Technology and financial companies in the S&P 500 had the biggest losses among 10 groups, falling 2.8 percent and 1.9 percent, respectively. Hewlett-Packard Co. tumbled 20 percent, the most since 1987, after issuing forecasts that missed analysts’ projections and announcing strategic shifts that undermined confidence in management. Citigroup Inc. and JPMorgan Chase & Co. retreated more than 2.3 percent as a gauge of European banks sank to the lowest level since 2009.