New York Report: Portugal bank crisis hits NY

US STOCKS dropped yesterday as concerns about the financial health of Portugal’s Espirito Santo bank gave investors a reason to cash in gains.

The Dow Jones industrial average fell 70.54 points or 0.42 per cent, to 16,915.07. The S&P 500 slid 8.15 points or 0.41 per cent, to 1,964.68. The Nasdaq Composite dropped 22.83 points or 0.52 per cent, to 4,396.20.

Just a week ago, the Dow closed above 17,000 for the first time, ending at a record of 17,068.26.

Among the day’s biggest fallers was Lumber Liquidators which plunged 21.5 per cent to $55.25 after the hardwood flooring retailer cut its earnings outlook.

Among the day’s gainers was TRW Automotive Holdings, up 8.2 per cent at $98.91 after Bloomberg reported that the auto parts supplier had received a preliminary takeover proposal and was in the process of evaluating it.

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