U.S. stocks fell for the third time in four days as Twitter Inc. led a selloff in Internet shares while American International Group Inc. dragged down financial companies.
Twitter plunged 18 percent as about 480 million shares from insiders became eligible for sale, more than quadrupling the current amount available for trading. AIG declined 4.1 percent after saying rising claims costs contributed to a 27 percent drop in profit.
The S&P 500 retreated 0.9 percent to 1,867.73 at 4 p.m. in New York. The Nasdaq Composite Index slumped 1.4 percent.
The Bloomberg IPO Index, tracking stocks including Twitter, slumped 2.3 percent. The gauge for newly public companies has dropped 9.9 percent from its March peak as investors shifted out of the fastest-growing industries and sought safety in firms with stable earnings and dividends.
Source : Bloomberg