U.S. Stocks Drop on Spanish Bond Sale, SanDisk Forecast
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U.S. stocks fell, with the Standard & Poor’s 500 Index posting this year’s second-biggest decline, as demand dropped at a Spanish bond auction and SanDisk Corp.’s lower forecast dragged down technology shares.
Computer and software makers fell 1.4 percent as a group and were the biggest drag on the S&P 500 among 10 industries as SanDisk, the biggest maker of flash-memory cards, tumbled 11 percent. Alcoa Inc. lost 2.5 percent, pacing declines among material companies, as investors sold shares of companies most-tied to the economy after a report on U.S. service industries missed estimates. Bank of America Corp. and JPMorgan Chase & Co. slumped at least 2.2 percent as financial stocks slid.