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U.S. Stocks Fall Amid Slump in Energy Shares as Data Disappoint
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U.S. stocks fell, sending the Standard & Poor’s 500 Index down for a second day, as a slump in crude oil drove energy producers lower and government data showed that orders for durable goods rose less than forecast.
Exxon Mobil Corp. and Occidental Petroleum Corp. paced losses in 42 out of 43 energy companies in the S&P 500 as oil slumped following an increase in supplies. The Morgan Stanley Cyclical Index of companies most-tied to the economy lost 1.6 percent as Federal Reserve Chairman Ben S. Bernanke said the recovery isn’t assured. Caterpillar Inc. and Alcoa Inc. slid more than 2.2 percent. Financial shares had the only gain among 10 S&P 500 groups as Bank of America Corp. rallied 1.6 percent.