U.S. stocks fell, sending the Nasdaq Composite Index down the most in two weeks, as technology tumbled and investors sold the quarter™s biggest winners.
Intel Corp., International Business Machines Corp. and Microsoft Corp. fell the most in the Dow Jones Industrial Average. Kraft Foods Group Inc. soared 39 percent after Warren Buffett™s Berkshire Hathaway Inc. teamed with 3G Capital to acquire the food company and merge it with ketchup maker H.J. Heinz.
The Nasdaq Composite lost 1.6 percent at 12:27 p.m. in New York, its third straight slide and longest since January after climbing to within 20 points of its dot-com-era record. The Standard & Poor™s 500 Index slipped 0.9 percent to 2,073.81. The Dow declined 189.14 points, or 1.1 percent, to 17,822.00.
While the S&P 500 is among the worst-performing developed-market indexes this year, it is still headed for its ninth consecutive quarterly advance, with a 0.7 percent increase. That would be the longest winning streak since 1998. The gains pushed equity valuations to the highest in about six years.
Source : Bloomberg