U.S. stocks fell after the biggest June (SPX) rally since 1999 for the Standard & Poor’s 500 Index, as manufacturing in the world’s biggest economy unexpectedly shrank for the first time in almost 3 years.
Industrial, commodity and financial shares dropped the most among 10 groups in the S&P 500. Caterpillar Inc. (NYSE:CAT), DuPont (NYSE:DD) Co. and Bank of America Corp. (NYSE:BAC) fell at least 2%. United Parcel Service Inc. (NYSE:UPS) fell 1.1% as the world’s biggest package- delivery company was cut at Deutsche Bank AG. Best Buy Co. (NYSE:BBY) rose 10% as a newspaper reported that founder Richard Schulze is close to making a bid for the electronics retailer.
The S&P 500 fell 0.2% to 1,359.44 at 12:42 p.m. New York time. The benchmark measure increased 4% in June. The Dow Jones Industrial Average dropped 53.24 points, or 0.4%, to 12,826.85 today. Trading in S&P 500 companies fell 5.3% from the 30-day average at this time of day.
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