S&P 500 Has Longest Slump in 7 Weeks on European Crisis Discord
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The Standard & Poor’s 500 Index fell a third day, its longest decline in seven weeks, as European leaders clashed on ways to stem the debt crisis and data from China and Germany signaled the slowdown is deepening.
Apple Inc. retreated 1.3 percent after reporting debut weekend sales for the iPhone 5 that fell short of some analysts’ projections on supply constraints. Facebook Inc., the world’s largest social-networking service, decreased 9.1 percent amid concern the company’s stock is overpriced. U.S. Steel Corp., Peabody Energy Corp. and Micron Technology Inc. declined at least 1.6 percent after analysts downgraded the shares.