U.S. Stocks Drop Amid Lower Retail Sales, Europe Concern
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U.S. stocks slid, after yesterday’s gain, as retail sales fell and concern about Europe’s debt crisis grew amid higher borrowing costs in Italy and Germany.
Nine out of 10 groups in the Standard & Poor’s 500 Index retreated as consumer discretionary, commodity and industrial shares had the biggest losses. Home Depot Inc., Caterpillar Inc. and DuPont Co. dropped at least 1.5 percent. JPMorgan Chase & Co. rose 1.6 percent as Chief Executive Officer Jamie Dimon testified about his bank’s practices to lawmakers. Dell Inc. advanced 2.6 percent after saying it will pay a dividend.