NEW YORK (Reuters) - Stocks suffered their worst one-day loss in two months, dropping the S&P 500 back into negative territory for the year on Monday in a broad-based sell-off, as investors reconsidered the health of the economy.
Shares of economically sensitive sectors such as financials, energy and materials led the S&P 500's .SPX decline. A sharp drop in U.S. crude oil futures and other commodities hit shares of companies sensitive to those prices, including Exxon Mobil Corp (XOM.N), which lost 3.1 percent to $68.84.
Analysts said investors were keen to sell shares that led the market up in its rally since early March. Major averages have largely been trading sideways in recent weeks and many investors have speculated that more obstacles were in store for stocks.
"The recovery is likely to be anemic by post-war standards," said Hugh Johnson, chief investment officer of Johnson Illington Advisors, in Albany, New York. "The recovery in the economy and earnings is unlikely to be as strong as the rise in stock prices since early March has implied."
Underscoring worries about the economy's outlook, the World Bank said prospects for the global economy remain "unusually uncertain" as it cut 2009 growth forecasts for most economies.
The Dow Jones industrial average .DJI dropped 200.72 points, or 2.35 percent, to end at 8,339.01. The Standard & Poor's 500 Index .SPX was down 28.19 points, or 3.06 percent, at 893.04. The Nasdaq Composite Index .IXIC was down 61.28 points, or 3.35 percent, at 1,766.19.
European shares also slid, with the FTSEurofirst 300 .FTEU3 index of top European shares hitting its lowest closing level since mid-May. more...
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