U.S. stocks fell, wiping out the year’s gain for the Standard & Poor’s 500 Index, after concern that losses from mortgage defaults will spread through the economy pushed down shares of banks and commodities producers.
American Express Co. tumbled to the lowest in 14 months after Morgan Stanley recommended investors sell shares of the third-largest credit-card network because a slowing economy may hurt earnings. Exxon Mobil Corp., the biggest U.S. oil company, dropped after oil retreated. Circuit City Stores Inc., the second-largest consumer-electronics chain, declined to a four- year low after JPMorgan said it may not find a buyer to turn around its business until next year.
The S&P 500 lost 22.93, or 1.6 percent, to 1,416.77, leaving it with a 0.1 percent loss on the year. The Dow Jones Industrial Average declined 211.1, or 1.6 percent, to 12,799.04 as 29 of its 30 members retreated. The Nasdaq Composite Index dropped 34.66, or 1.3 percent, to 2,562.15. Almost four stocks fell for every one that rose on the New York Stock Exchange. [MORE]
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