5:15PM EST: U.S. stocks fell, sending the Dow Jones Industrial Average to a three-month low, as FedEx Corp.’s results and Fifth Third Bancorp’s dividend cut reinforced concern bank losses and record oil will prolong the slump in profits.

The S&P 500 dropped 13.12 points, or 1 percent, to 1,337.81. The Dow Jones Industrial Average decreased 131.24, or 1.1 percent, to 12,029.06, its lowest since March 17. The Nasdaq Composite Index lost 28.02, or 1.1 percent, to 2,429.71. Three stocks fell for each that rose on the New York Stock Exchange.

(Bloomberg)