U.S. Stocks Post Longest Slump in 1 Month on Europe Woes

 

Photographer: Scott Eells/Bloomberg

Spanish interest rates roused to a hefty seven percent. Exxon Mobil Corp. (XOM) andCaterpillar Inc. (CAT) dropped at least 1 percent in their stock prices. Payment networks Visa Inc. (V) and MasterCard Inc. fell at least 2.5 percent after being downgraded at UBS AG. What is going on in the business world marked by the drop of Standard & Poor Index? A joint report done by Bloomberg journalists Rita Nazareth and Julia Leite will bring lights to these issues.

The Standard & Poor’s 500 Index (SPX) fell, poised for the longest slump in more than a month, after a jump in Spanish yields above 7 percent intensified concern about Europe’s crisis and as investors awaited Alcoa Inc.’s results.

Alcoa, which begins the second-quarter earnings season after the market close, slid 0.7 percent. Exxon Mobil Corp. (XOM) andCaterpillar Inc. (CAT) dropped at least 1 percent to pace losses among the biggest companies. Payment networks Visa Inc. (V) and MasterCard Inc. fell at least 2.5 percent after being downgraded at UBS AG.Amerigroup Corp. (AGP) surged 38 percent as WellPoint (WLP) Inc. agreed to buy the company for $4.9 billion in cash.

The S&P 500 slid 0.4 percent to 1,349.71 at 10:46 a.m. New York time. The benchmark measure for U.S. equities dropped 1.8 percent in three days, the longest losing streak since June 1. The Dow Jones Industrial Average lost 54.49 points, or 0.4 percent, to 12,717.98. Trading in S&P 500 companies was 26 percent below the 30-day average at this time of day.

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