Skip to content
Subscriber Only
Markets
Pursuits

U.S. Stocks Post Biggest Retreat Since 2009 on Economic Concern

U.S. stocks tumbled, sending the Standard & Poor’s 500 Index to its biggest four-week loss since March 2009, as concern the global economy is stalling overshadowed the cheapest valuations in 2 1/2 years.

Hewlett-Packard Co. plunged 27 percent this week, the most since the October 1987 market crash, after a strategy shift undermined confidence in its managers. Technology, industrial and raw-material companies in the S&P 500 dropped at least 6.9 percent, the most among 10 groups. Caterpillar Inc. and Alcoa Inc. retreated more than 8.4 percent after some of the world’s biggest banks -- Morgan Stanley, JPMorgan Chase & Co. and Citigroup Inc. -- slashed economic growth forecasts.