U.S. Stocks Fall Amid Global Selloff on AmEx, Inflation Concerns

U.S. stocks retreated amid a global selloff, falling the most three weeks, as American Express Co. tumbled, data signaled stronger inflation and China tightened trading rules.

The Standard & Poor’s 500 Index fell 1.1 percent to 2,081.11 at 4 p.m. in New York, below its average price for the past 50 days.

The S&P 500 was little changed yesterday after approaching its all-time high. While equity indexes from Asia to Europe have climbed to multiyear highs in recent days, the S&P 500 and Dow last hit theirs on March 2, the same day the Nasdaq Composite Index topped 5,000 for the first time in 15 years. The 32-day stretch without celebrating a fresh high is the S&P 500’s longest since July 2013.

Source : Bloomberg

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U.S. Stocks Slump Amid China Move as AmEx Tumbles on Earnings

U.S. stocks retreated the most in three weeks as American Express Co. tumbled to its lowest level since 2013, data signaled stronger inflation and China tightened trading rules.

American Express fell 4.8 percent after quarterly revenue missed estimates. Travelers Cos., 3M Co. and Microsoft Corp. dropped more than 2 percent to pace declines in the Dow Jones Industrial Average. Advanced Micro Devices slumped 13 percent after saying it is hard to see whether the second half will be “substantially better” than the first half of the year.

The Standard & Poor’s 500 Index fell 1 percent to 2,083.55 at 12:43 p.m. in New York, near its average price for the past 50 days. The Dow lost 251.31 points, or 1.4 percent, to 17,854.46. The Nasdaq Composite Index slid 1.5 percent.

The S&P 500 was little changed yesterday after approaching its all-time high. While equity indexes from Asia to Europe have climbed to multiyear highs in recent days, the S&P 500 and Dow last hit theirs on March 2, the same day the Nasdaq Composite Index topped 5,000 for the first time in 15 years. The 32-day stretch without celebrating a fresh high is the S&P 500’s longest since July 2013.

Source: Bloomberg

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