NEW YORK – Stocks slumped, giving the Dow Jones Industrial Average its biggest decline in a year, as investors’ focus turned to the budget debate and Europe’s debt crisis following President Barack Obama’s re-election.
All 10 groups in the Standard & Poor’s 500 Index fell as financial shares suffered the biggest losses. Bank of America and JPMorgan Chase slumped at least 5.6 per cent. Apple retreated 3.8 per cent, extending a plunge from its September high to 21 per cent.
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