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U.S. Stocks Fall; S&P 500 Has Biggest Two-Day Drop Since April

Jeff Kearns bloomberg.com
U.S. Stocks Fall; S&P 500 Has Biggest Two-Day Drop Since April - Real Estate Stocks - United States

June 16 (Bloomberg) -- U.S. stocks fell, sending the Standard & Poor’s 500 Index to its biggest two-day tumble since April, as Best Buy Co. posted disappointing sales and commodity producers sank on concern the economic recovery is stalling.

Best Buy, the world’s biggest electronics retailer, plunged 7.3 percent after profit slumped 15 percent. Freeport-McMoRan Copper & Gold Inc. and Occidental Petroleum Corp. sank at least 4.1 percent to lead commodity shares lower as oil erased a 3 percent gain and copper declined. AT&T Inc. lost 1.7 percent after the largest U.S. phone company was downgraded at Barclays Plc. Treasuries rose for a fourth day and the dollar weakened.

The S&P 500, which surged 40 percent from a 12-year low in March through last week, retreated 1.3 percent to 911.97 at 4 p.m. in New York. The index slid 2.4 percent yesterday, the most since May 13. The Dow Jones Industrial Average sank 107.46 points, or 1.3 percent, to 8,504.67.


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