MNeagle
1st June 2010, 01:05 PM
June 1 (Bloomberg) -- U.S. stocks fell, adding to losses from the Dow Jones Industrial Average’s worst May since 1940, as BP Plc’s failure to plug a leaking oil well dragged down energy producers and a report said Lebanon fired on Israeli warplanes.
Transocean Ltd., Anadarko Petroleum Corp. and Halliburton Co. fell more than 9 percent to help lead losses in energy shares after BP gave up trying to plug the worst oil spill in U.S. history any sooner than August. Benchmark indexes erased earlier gains triggered by growth in U.S. construction spending and manufacturing after AFP reported that a senior Israeli security official said the nation’s aircraft were targeted by Lebanese anti-aircraft guns.
The Standard & Poor’s 500 Index decreased 0.8 percent to 1,080.41 at 3:44 p.m. in New York. The S&P 500 lost 8.2 percent in May, its worst month since February 2009, on concern Europe’s debt crisis will hamper the global economic recovery and China will take more steps to cool its economy. The Dow Jones Industrial Average lost 30.53 points, or 0.3 percent, to 10,106.1 today.
The S&P 500 has fallen 11 percent from a 19-month high on April 23 on concern that widening budget deficits in Europe could derail global growth. The five-week slide is consistent with a temporary pullback within a bull market, said Thomas J. Lee, the chief U.S. equity strategist at JPMorgan Chase & Co.
“It is a pretty normal correction in a bull market,†Lee said today in a Bloomberg Television interview. “It pays up to be a slow buyer here. If you start to get enough positive headlines to offset the negatives, that would be a way to build confidence. Investors are seeing good opportunities to buy.â€
http://www.bloomberg.com/apps/news?pid=20601087&sid=aDsDSAXtnObA&pos=1
Transocean Ltd., Anadarko Petroleum Corp. and Halliburton Co. fell more than 9 percent to help lead losses in energy shares after BP gave up trying to plug the worst oil spill in U.S. history any sooner than August. Benchmark indexes erased earlier gains triggered by growth in U.S. construction spending and manufacturing after AFP reported that a senior Israeli security official said the nation’s aircraft were targeted by Lebanese anti-aircraft guns.
The Standard & Poor’s 500 Index decreased 0.8 percent to 1,080.41 at 3:44 p.m. in New York. The S&P 500 lost 8.2 percent in May, its worst month since February 2009, on concern Europe’s debt crisis will hamper the global economic recovery and China will take more steps to cool its economy. The Dow Jones Industrial Average lost 30.53 points, or 0.3 percent, to 10,106.1 today.
The S&P 500 has fallen 11 percent from a 19-month high on April 23 on concern that widening budget deficits in Europe could derail global growth. The five-week slide is consistent with a temporary pullback within a bull market, said Thomas J. Lee, the chief U.S. equity strategist at JPMorgan Chase & Co.
“It is a pretty normal correction in a bull market,†Lee said today in a Bloomberg Television interview. “It pays up to be a slow buyer here. If you start to get enough positive headlines to offset the negatives, that would be a way to build confidence. Investors are seeing good opportunities to buy.â€
http://www.bloomberg.com/apps/news?pid=20601087&sid=aDsDSAXtnObA&pos=1