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US Stocks Drop On Economic Concern


U.S. stocks fell the most in a week after government reports on durable goods and unemployment heightened concern growth is slowing and an analyst predicted Citigroup Inc. will cut its dividend by 40 percent.

Hewlett-Packard Co., General Motors Corp., and Caterpillar Inc. dropped after orders for durable goods rose less than forecast. Citigroup, the biggest U.S. bank, fell to a five-year low after Goldman Sachs Group Inc. analyst William F. Tanona said it will cut its 54-cent dividend to preserve capital as the value of its assets declines.

The Standard & Poor’s 500 Index lost 21.39, or 1.4 percent, to 1,476.27. The Dow Jones Industrial Average decreased 192.08, or 1.4 percent, to 13,359.61. The Nasdaq Composite Index retreated 47.62, or 1.8 percent, to 2,676.79. About seven stocks fell for every one that gained on the New York Stock Exchange. [MORE]



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