U.S. stocks fell after oil’s surge above $100 a barrel dragged down consumer and technology shares, erasing a 157-point rally in the Dow Jones Industrial Average led by energy producers.
AMR Corp., Macy’s Inc. and Apple Inc. declined as crude oil advanced on speculation OPEC will cut production. AT&T Inc. and Verizon Communications Inc. led telephone stocks to the lowest level since September 2006 on concern competition will cut profits. Exxon Mobil Corp., the biggest U.S. oil company, climbed to a one-month high.
The Dow average fell for a third day, losing 10.99 points, or 0.1 percent, to 12,337.22. The Standard & Poor’s 500 Index slipped 1.21, or 0.1 percent, to 1,348.78. The Nasdaq Composite Index dropped 15.6, or 0.7 percent, to 2,306.2. About as many shares rose as declined on the New York Stock Exchange. [MORE]
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