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Stocks slump most since June

The S&P 500 fell 2.3 percent to 1,741.78 at 3:02 p.m. in New York, poised for the lowest close since Oct. 23. The Dow Jones Industrial Average lost 311.13 points, or 2 percent, to 15,387.72.

By Lu Wang | Updated on February 03, 2014

Feb. 3 (Bloomberg) — U.S. stocks fell, sending benchmark indexes to their biggest declines since June, as a gauge of manufacturing in the world’s largest economy retreated more than estimated.

Only eight stocks in the Standard & Poor’s 500 Index advanced today and all 10 main groups fell at least 0.7 percent. Telephone shares plunged after AT&T Inc. introduced new service plans, the latest in an escalating price war among wireless carriers. Ford Motor Co. and General Motors Co. fell at least 2.3 percent after reporting declines in January auto sales. Jos. A. Bank Clothiers Inc. slid 4.2 percent after telling Men’s Wearhouse Inc. it will not enter takeover talks.

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