S&P 500 Posts Biggest Drop Since November 2011 on Fed
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U.S. stocks fell, sending the Standard & Poor’s 500 Index to its biggest loss since November 2011, as global equities tumbled after the Federal Reserve said it may phase out stimulus and China’s cash crunch worsened.
All 10 groups in the S&P 500 declined at least 2.2 percent, as consumer, utility and energy shares led losses. Newmont Mining Corp. dropped 6.7 percent as gold plunged to the lowest in more than 2 1/2 years. An index of homebuilders fell the most in a year, as PulteGroup Inc. and D.R. Horton Inc. each tumbled 9.1 percent.