US STOCKS lost more than one per cent yesterday in the S&P 500’s biggest decline since 13 October as another big drop in oil prices hammered energy shares.
The Dow Jones industrial average fell 268.05 points, or 1.51 per cent, to 17,533.15, the S&P 500 lost 33.68 points, or 1.64 per cent, to 2,026.14 while the Nasdaq Composite dropped 82.44 points, or 1.73 per cent, to 4,684.03.
Shares of Yum Brands dropped 6.2 per cent at $70.53 a day after it again lowered its profit forecast for the year, hurt by slower-than-expected sales recovery in China following a food safety scare.
The S&P energy index fell 3.1 per cent and led declines on the S&P 500, but selling was broad and all 10 S&P sectors lost at least one per cent on the day.
Shares of Yum Brands dropped 6.2 per cent at $70.53 a day after it again lowered its profit forecast for the year, hurt by slower-than-expected sales recovery in China.
In corporate earnings, Costco dropped 1.4 per cent to $140.98, reversing earlier gains after it topped estimates on earnings.
Home builder Toll Brothers, meanwhile, fell short of earnings expectations, though its top line beat estimates.
Shares fell over six per cent even as it said it saw positive momentum going into the new fiscal year.
Among the day’s gainers were airline shares, including Southwest Airlines, up 1.8 per cent at $41.48. Barclays said airlines stood to see a decline of about $10bn (£6.2bn) in fuel costs in 2015.