Skip to content
Subscriber Only

U.S. Stocks Slump on Concern Europe Failing to Tame Debt Crisis

U.S. stocks slumped, following a two-day advance in the Standard & Poor’s 500 Index, as financial shares tumbled and concern grew that European officials were failing to make progress in taming the debt crisis.

Bank of America Corp. fell 4.1 percent, dropping below $5 for the first time since March 2009, on a report that large financial institutions will have to hold extra capital. JPMorgan Chase & Co. and Morgan Stanley declined more than 3.7 percent. Alcoa Inc., Hewlett-Packard Co. and Microsoft Corp. slid at least 1.8 percent to pace losses among the biggest companies.