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Monday
Oct172011

Stocks Experience Biggest Drop in Two Weeks

Comstock/Thinkstock(NEW YORK) – The stock market was coming off its best week in more than two years, but U.S. stocks experienced their biggest drop in two weeks as investors give up on the notion of a quick solution to Europe’s debt crisis.

The Dow Jones Industrial Average lost 247.49 points, or 2.13%, to 11397.00, closing near the session's lows and wiping out all of Friday's gains. The Standard & Poor's 500-stock index lost 23.72 points, or 1.94%, to 1200.86 and the S&P lost 24 points, to 1200.86.

Citigroup says earnings rose 74% in its latest quarter on lower losses from bad loads. Wells Fargo posted lower than expected revenue for the third quarter, while profit jumped 21 percent as deposits grew.

Factory output rose for a third straight month in September, a sign the economy is growing slowly as plants made more planes, trucks and homes electronics to meet rising demand.

Copyright 2011 ABC News Radio

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