U.S. stocks fell, paring their fifth straight annual advance, after signs of slowing economic growth sent shares of energy companies and miners lower.
Exxon Mobil Corp. and Freeport-McMoRan Copper & Gold Inc. led declines in energy and commodity producers, the year’s best- performing industries. Amazon.com Inc. and EBay Inc. slipped after holiday Internet sales rose at the slowest pace on record.
The S&P 500 dropped 10.13, or 0.7 percent, to 1,468.36, reducing its yearly gain to 3.5 percent. The Dow Jones Industrial Average lost 101.05, or 0.8 percent, to 13,264.82. The Nasdaq Composite Index declined 22.18, or 0.8 percent, to 2,652.28. Shares in Europe also fell.
Concern that credit market losses will curb bank lending and spur a recession sent the S&P 500 down 3.8 percent in the fourth quarter, leaving it 6.2 percent below its record close on Oct. 9. The retreat was the first for any fourth quarter in seven years. [MORE]
' } });
Join the official YWN WhatsApp status
