U.S. stocks tumbled, dragging benchmark indexes to their biggest slump since December 2008, amid concern that a downgrade of the nation’s credit rating by Standard & Poor’s may worsen an economic slowdown.
All stocks in the S&P 500 Index (SPX) retreated for the first time since at least 1996 as the index’s 10 main groups fell more than 5.3 percent. Bank of America Corp. (BAC) tumbled 20 percent to lead financial shares in the S&P 500 down 10 percent, the most since April 2009. Ford Motor Co. (F) and Caterpillar Inc. (CAT) slumped at least 8.3 percent, pacing losses in stocks most-tied to the economy. Chevron Corp. (CVX) dropped 7.5 percent as oil slid.
The S&P 500 retreated 6.7 percent to 1,119.46 at 4 p.m. in New York. The gauge slumped 11 percent in three days, the most since November 2008, and fell to the lowest since September. The Dow Jones Industrial Average declined 634.76 points, or 5.6 percent, to 10,809.85 today. About 18 billion shares changed hands on U.S. exchanges at 4:52 p.m., the fifth-highest volume since mid-2008, Bloomberg data show. Treasuries rose......read on
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