(Bloomberg) US stocks fell for the first time this week after concern that bond insurers guaranteeing $2.4 trillion in securities will lose their AAA credit ratings erased a rally spurred by the Federal Reserve’s interest-rate cut.
The S&P 500 retreated 6.49, or 0.5 percent, to 1,355.81 and is down 7.7 percent this year. The Dow Jones Industrial Average lost 37.47, or 0.3 percent, to 12,442.83. The Nasdaq Composite Index decreased 9.06, or 0.4 percent, to 2,349. About two stocks fell for every one that rose on the New York Stock Exchange. [MORE]
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