Feb. 3 (Bloomberg) — U.S. stocks fell, sending benchmark indexes to their biggest declines since June, as a gauge of manufacturing in the world's largest economy retreated more than estimated.
Only eight stocks in the Standard & Poor's 500 Index advanced today and all 10 main groups fell at least 0.7 percent. Telephone shares plunged after AT&T Inc. introduced new service plans, the latest in an escalating price war among wireless carriers. Ford Motor Co. and General Motors Co. fell at least 2.3 percent after reporting declines in January auto sales. Jos. A. Bank Clothiers Inc. slid 4.2 percent after telling Men's Wearhouse Inc. it will not enter takeover talks.
The S&P 500 fell 2.3 percent to 1,741.78 at 3:02 p.m. in New York, poised for the lowest close since Oct. 23. The Dow Jones Industrial Average lost 311.13 points, or 2 percent, to 15,387.72. The gauge has fallen 7.2 percent this year. Trading in S&P 500 stocks was 54 percent above the 30-day averaging during this time of the day.
Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.
Your access to unlimited BenefitsPRO content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical BenefitsPRO information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
- Exclusive discounts on ALM, BenefitsPRO magazine and BenefitsPRO.com events
- Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
