(Bloomberg) – U.S. stocks plummeted, sending the Standard & Poor’s 500 Index to its lowest level since Oct. 30, on concern over weakening growth in China and a slump in American consumer confidence.
Boeing Co., Caterpillar Inc. and Alcoa Inc. fell more than 5.5 percent after the Conference Board cut its estimate for Chinese economic growth. JPMorgan Chase & Co. slipped 3.8 percent after Moody’s Investors Service said the bank may face lost revenue from a cap on debit fees. Zimmer Holdings Inc. gained 0.1 percent for the only rise in the S&P 500.
The S&P 500 sank 3.1 percent to 1,041.27 as of 4 p.m. in New York, after falling as low as 1,035.18. The last time only one S&P 500 company rose was in September 2008. The Dow Jones Industrial Average dropped 268.22 points, or 2.7 percent, to 9,870.30.
“China set the tone in the morning and then it accelerated with investors probably exiting the market ahead of the U.S. unemployment data on Friday,” said Peter Jankovskis, who helps manage about $2.2 billion as co-chief investment officer at Oakbrook Investments in Lisle, Illinois. “The market volatility is growing which reflects the overhang from the situation in Europe and the slow-down in China.”
Among 24 industry groups in the S&P 500, none had a loss smaller than 0.9 percent, according to data compiled by Bloomberg.
–With assistance from Nikolaj Gammeltoft, Rita Nazareth and Jeff Kearns in New York and Alexis Xydias in London. Editors: Joanna Ossinger, Nick Baker
To contact the reporter on this story: Kelly Bit in New York at kbit@bloomberg.net.
To contact the editor responsible for this story: Nick Baker at nbaker7@bloomberg.net.

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