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U.S. Stocks Decline to Two-Month Low; Qualcomm, Target Retreat Michael Patterson Nov. 9 (Bloomberg) -- U.S. stocks fell to the lowest levels in two months after Qualcomm Inc. trimmed its profit forecast and analysts said earnings at 3M Co. and Target Corp. will be reduced by a slowdown in U.S. consumer spending. Qualcomm, the second-biggest maker of mobile-phone chips, helped send technology shares to the steepest weekly drop in five years. 3M, the maker of 50,000 products, tumbled to a six-month low and Target led retailers to the eighth decline in nine days. Fannie Mae slid after saying mortgage-related losses increased. The fall in stocks triggered a rally in Treasuries, sending three-month yields to the lowest in almost three months.
The Standard & Poor's 500 Index lost 21.07, or 1.4 percent, to 1,453.7, trimming its gain to 3 percent since the Federal Reserve cut its discount rate on Aug. 17. The Dow Jones Industrial Average slumped 223.55, or 1.7 percent, to 13,042.74. The Nasdaq Composite Index declined 68.06, or 2.5 percent, to 2,627.94. About three stocks fell for every one that rose on the New York Stock Exchange. ``It's going to take some time for these problems to work their way through the financial system,'' said Matt DiFilippo, a Pittsburgh-based senior portfolio manager at Stewart Capital Advisors LLC, which has about $1 billion under management. ``They might provide a cap on the market, particularly when you start to see an overflow into what most would believe are non-related sectors.''
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