U.S. Stocks Drop as Real Estate, Raw-Material Shares Lead LossesBy
U.S. stocks fell as all 11 groups in the S&P 500 Index slid, with real estate and raw-material companies leading the decline.
The benchmark gauge lost 0.8 percent to 2,249.92 at 4 p.m. in New York, the biggest one-day decline since Oct. 11. Trading volume was about 40 percent lower than the average of the past month. The Dow Jones Industrial Average fell further from the elusive 20,000 level, losing 111.36 points to 19,833.68.
- Real estate shares dip 0.9% after worse-than-expected pending home sales
- Materials, energy stocks down at least 0.9%
- Phone companies least changed, with 0.3% loss
- VIX up 8% for fourth straight increase
- The Dow has struggled to reach the 20,000 level after coming within about 30 points of it on Dec. 20
- EARNINGS: no earnings expected
For related equity market news:
- Ripening Sentiment Toward U.S. Stocks Fails to Ring Sell Alarms
- Stocks Will Endure Higher Rates Until 2% Inflation: Torsten Slok
— With assistance by Joseph Ciolli