Stocks retreat, with S&P down 2.6 percent as weak economic signs overshadow debt bill passage

NEW YORK — A sell-off is erasing all of the year's gains in the stock market.

The Standard & Poor's 500 lost 2.6 percent Tuesday as investors grew increasingly concerned about the economy. The benchmark index is now at its lowest point of the year.

A report that consumers cut their spending in June for the first time in two years added to a series of weak economic indicators have pushed stocks lower for seven straight days.

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Paul Kane 03 Aug, 2011


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