U.S. Stocks Decline as Al-Qaeda Claims Role in Bombing Attempt

Rita Nazareth
Bloomberg
December 28, 2009

[efoods]Most U.S. stocks declined, ending a five-day winning streak for the Standard & Poor’s 500 Index, after al-Qaeda claimed responsibility for the attempted bombing of an airplane on Dec. 25 and the Federal Reserve announced a program for removing liquidity from the banking system.

Alcoa Inc., Walt Disney Co. and American Express Co. lost more than 1.2 percent for the biggest drops in the Dow Jones Industrial Average. Delta Air Lines Inc. and AMR Corp. slumped after President Barack Obama ordered a review of security procedures after a Nigerian man allegedly tried to blow up a Northwest Airlines flight three days ago. Banks declined as the Fed proposed selling term deposits to help mop up some of the $1 trillion in excess reserves in the U.S. financial system.

Four stocks retreated for every three that rose at the New York Stock Exchange as of 3:12 p.m. The S&P 500 lost 0.2 percent to 1,124.76 at 3:03 p.m. in New York, reversing a 0.4 percent gain. The Dow fell 3.93 points, or less than 0.1 percent, to 10,516.17.

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