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- U.S. stocks fell a fifth day
U.S. stocks fell a fifth day
U.S. stocks fell a fifth day amid weaker-than-estimated economic data and as Moody’s Investors Service is said to downgrade Spanish banks.
All groups in the S&P 500 declined as manufacturing in the Philadelphia region unexpectedly shrank and an index of U.S. leading indicators retreated. Caterpillar Inc. and JPMorgan Chase & Co. dropped at least 2.6% to pace losses among the biggest companies. Wal-Mart Stores Inc. (WMT), the largest retailer, rallied 5.3% as profit beat estimates.
Stocks fell as data indicated the pace of economic expansion may cool, adding to concern about a worsening of Europe’s crisis. Moody’s is set to downgrade the credit ratings of Spanish banks later today.
Consumer discretionary and industrial shares had the biggest losses in the S&P 500 among industries. Caterpillar sank 3.3% , the most in the Dow, to $88.79. JPMorgan (JPM)retreated 2.6% to $34.55. Home Depot Inc. (HD) declined 2.1% to $47.74.
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