Economics
U.S. Stocks Drop as Greece Concern Outweighs Obama’s Growth Plan
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U.S. stocks fell, driving the Standard & Poor’s 500 Index to the sixth drop in the past seven weeks, as concern Greece’s finances are deteriorating overshadowed President Barack Obama’s $447 billion plan to stimulate growth.
JPMorgan Chase & Co. and Hewlett-Packard Co. decreased more than 6.9 percent on concern about a global financial crisis as 27 of 30 Dow Jones Industrial Average companies retreated. McDonald’s Corp. slumped 4.6 percent as August sales trailed analysts’ estimates. Financial and materials companies in the S&P 500 fell 2.4 percent or more, the most among 10 industries. Yahoo! Inc. added 13 percent after the most-visited U.S. Web portal ousted Chief Executive Officer Carol Bartz.