U.S. stocks fell, with the Standard & Poors 500 Index sinking the most in seven weeks, as energy shares renewed a selloff after OPEC cut its forecast on 2015 demand for crude.
The S&P 500 lost 1.6 percent to 2,026.15 at 4 p.m. in New York, the lowest since Nov. 5. The benchmark gauge has slumped 2.4 percent over the past three days, after reaching a record on Dec. 5. The Dow Jones Industrial Average dropped 267.67 points, or 1.5 percent, to 17,533.53. The Dows retreat was its biggest since Oct. 9.
The S&P 500 closed little changed yesterday after reversing a loss of as much as 1.3 percent. The gauge has jumped 9.6 percent in 2014, heading for a third year of gains, fueled by better-than-forecast economic data and corporate earnings.
Data later this week may show U.S. retail sales increased in November, initial jobless claims last week stayed unchanged from a week earlier, and consumer confidence improved this month, according to economists surveyed by Bloomberg.
Source : Bloomberg