U.S. stocks fell for the second time this week, led by energy and industrial shares, after a worse- than-forecast manufacturing report and higher stockpiles of oil spurred concern that the economy has fallen into a recession.
The Standard & Poor’s 500 Index dropped 17.5 points, or 1.3 percent, to 1,342.53, its steepest loss since Feb. 14. The Dow average decreased 142.96, or 1.2 percent, to 12,284.3. The Nasdaq Composite Index slipped 27.32, or 1.2 percent, to 2,299.78. About four stocks fell for every one that rose on the New York Stock Exchange. Shares in Europe and Asia gained.
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