S&P 500 Has Longest Weekly Drop Since 2012 as Fed Cuts QE
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U.S. stocks fell for a third week, the longest slump since 2012 for the Standard & Poor’s 500 Index, after the Federal Reserve cut stimulus even as a rout in emerging markets spurred concern about the global economy.
Apple Inc. sank 8.3 percent after its sales projection missed expectations. Amazon.com Inc. tumbled 7.5 percent as its earnings report showed revenue growth slowed outside the U.S. and holiday shipping costs surged. Boeing Co. dropped 8.3 percent after its profit forecast trailed predictions amid a slowing pace of jet orders. Caterpillar Inc. jumped 9 percent after announcing a stock buyback and forecasting better-than-expected earnings amid demand for construction equipment.