U.S. stocks declined, following the biggest June (SPX) rally
since 1999 for the Standard & Poor’s 500 Index, as data showed manufacturing
unexpectedly shrank, Bloomberg reports.
DuPont Co. and Caterpillar Inc. slumped at least 1.4 percent
to pace losses among the largest companies. Micron Technology Inc. (MU) jumped
4.8 percent after agreeing to buy bankrupt Japanese chipmaker Elpida Memory
Inc., gaining memory chip-making assets that may help it avert price swings
that fueled four straight quarters of losses. Amylin Pharmaceuticals Inc.
(AMLN) rallied 8.9 percent as the drugmaker will be acquired by Bristol-Myers
Squibb Co. for $5.3 billion in cash.
The S&P 500 lost 0.4 percent to 1,357.40 at 10:35 a.m.
New York time. The benchmark index gained 4 percent in June. The Dow Jones
Industrial Average fell 73.34 points, or 0.6 percent, to 12,806.75 today.
Trading in S&P 500 companies was almost in line with the 30-day average at
this time of day.
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