Pursuits
U.S. Stocks Fall Third Day Amid Europe Concern as UPS Tumbles
This article is for subscribers only.
U.S. stocks slumped, sending the Standard & Poor’s 500 Index down for a third straight day, amid concern Europe’s debt crisis is worsening and after United Parcel Service Inc. lowered its earnings forecast.
Equities pared losses amid speculation the Federal Reserve may act to boost growth. UPS, the largest package-delivery company and considered an economic bellwether, tumbled 4.6 percent. AT&T Inc., the biggest U.S. phone company, lost 2.1 percent amid sluggish sales after signing up fewer wireless customers. Apple Inc., the most valuable company, sank 5 percent at 4:51 p.m. New York time on disappointing results.