Economics
U.S. Stocks Drop on Europe Concern; S&P Pares Loss in Final Hour
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U.S. stocks fell, giving the Standard & Poor’s 500 Index its longest slump in almost a month, amid concern that Europe’s debt crisis is worsening. Equities pared losses in the final 30 minutes of trading.
The benchmark measure trimmed its drop from 2.9 percent as companies most-tied to economic growth rebounded, propelling the Morgan Stanley Cyclical Index to a 0.2 percent gain for the day. Bank of America Corp. and JPMorgan Chase & Co. decreased more than 3.4 percent on concern about a global financial crisis. Exxon Mobil Corp. and Alcoa Inc. lost at least 1.3 percent on speculation that demand for commodities will slow.