Economics
S&P 500 Caps Longest Drop Since November on Europe Woes
This article is for subscribers only.
U.S. stocks declined for a fifth straight day, giving the Standard & Poor’s 500 Index its longest losing streak since November, as a surge in Spanish and Italian bond yields fueled concern Europe’s debt crisis is worsening.
The Morgan Stanley Cyclical Index of companies most-dependent on the economy lost 2.7 percent. Bank of America Corp. and Caterpillar Inc. dropped at least 3 percent. Alcoa Inc., which declined 2.9 percent in regular trading, jumped 5 percent at 4:25 p.m. New York time after reporting an unexpected profit. Best Buy Co., the world’s largest electronics retailer, slumped