Economics
U.S. Stocks Fall as Energy, Financials Tumble on Economy
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U.S. stocks fell, dragging the Standard & Poor’s 500 Index down from a record, as financial and energy shares tumbled after oil plunged and worse-than-estimated data spurred concern over economic growth.
Bank of America Corp. and Morgan Stanley dropped more than 2.7 percent as financial shares tumbled the most among 10 S&P 500 groups. Energy companies sank as oil prices slid the most in more than four months after inventories climbed. An S&P gauge of homebuilders fell 3.3 percent, with PulteGroup Inc. slipping 4.3 percent. Zynga Inc. rallied 15 percent after saying it will introduce real-money online gambling in the U.K.