U.S stocks dropped on the concern that the economy would be weakened as banks and brokerage face deeper losses and record energy costs depressed consumer spending. Many financial companies have lost as their estimates were wrong and the Federal Reserve signaled that it would stop cutting interest rates. Oil was record high at $135 a barrel and home sales were record low and as such consumer stocks dropped. S&P 500 was down; all the 10 industries have declined bringing the U.S benchmark to the lowest level.
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