U.S. stocks retreated, sending the Standard & Poor’s 500 Index to a nine-week low, as Chinese equities entered a bear market amid concern a cash crunch will hurt the world’s second-largest economy and speculation increased that the U.S. will begin curbing stimulus.
The S&P 500 (SPX) fell 1.3% to 1,572.38, the lowest
level on a closing basis since April 22. The Dow Jones Industrial
Average slipped 140.21 points, or 1%, to 14,659.19.
The S&P 500 (SPX) sank 2.1% last week, the most since
April 19, after the Federal Reserve said it may start paring stimulus
measures as soon as September if the economy improves in line with its
forecasts.
Reports tomorrow may show U.S. durable-goods orders rose
and house prices continued to recover, according to Bloomberg surveys of
economists. Data last week showed sales of previously owned homes in
the U.S. climbed in May to the highest level in more than three years
and manufacturing improved in June.
Bank of America Corp. and Citigroup Inc. slid 2.9 percent
as banks tumbled. Barrick Gold Corp. led gold producers lower as the
precious metal traded near a 2 1/2-year low. Allergan (AGN) Inc. tumbled
9.4 percent amid analyst downgrades. Vanguard Health Systems Inc.
surged 69 percent after agreeing to be bought by Tenet Healthcare Corp.
for about $1.8 billion.
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