U.S. stocks tumbled, capping the market’s fourth-straight monthly drop, after a report showed business activity fell to the lowest level since 2001 and UBS AG said losses in credit markets may top $600 billion.
American International Group Inc., the world’s largest insurer, declined the most in two weeks after posting the widest quarterly deficit in its 89-year history. Sprint Nextel Corp. slumped to an almost six-year low on concern more customers will defect from the third-biggest U.S. wireless carrier. All 10 industries in the Standard & Poor’s 500 Index retreated, led by banks and phone companies.
The S&P 500 fell 37.05 points, or 2.7 percent, to 1,330.63, its biggest drop since Feb. 5. The Dow Jones Industrial Average slid 315.79, or 2.5 percent, to 12,266.39. The Nasdaq Composite Index lost 60.09, or 2.6 percent, to 2,271.48. Eleven stocks fell for every one that rose on the New York Stock Exchange.
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