Bloomberg News

U.S. Stocks Drop as Obama Says Cuts Will Cause Ripples

March 01, 2013

U.S. stocks declined as President Barack Obama said federal spending cuts will cause “ripple effects” throughout the economy and jobs will be lost.

The Standard & Poor’s 500 Index slipped 0.2 percent to 1,511.18, after advancing as much as 0.3 percent earlier.

Obama met with congressional leaders as no one predicted a breakthrough to avert $85 billion in federal spending cuts set to start before midnight. Stocks erased gains earlier in the day amid better-than-estimated data on consumer confidence and manufacturing.

To contact the editor responsible for this story: Jeff Sutherland at jsutherlan13@bloomberg.net


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