U.S. stocks drop on no hint of new stimulus

Associated Press Contributor
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U.S. stocks fell a fifth day, the longest slump for the Standard & Poor’s 500 Index in almost a year, as Federal Reserve Chairman Ben S. Bernanke gave no hint of a new round of economic stimulus even as the recovery slows.

Cisco Systems Inc. (CSCO), Bank of America Corp. (BAC) and Hewlett- Packard Co. lost more than 1 percent to lead losses in the Dow Jones Industrial Average.

Six of 10 industry groups in the S&P 500 fell, with the index erasing a rally of up to 0.8 percent in the final minutes of trading, as Bernanke gave no indication of a new round of asset purchases known as quantitative easing.

Full story: U.S. Stocks Drop on No Hint of New Stimulus – Bloomberg