S&P 500 Has Biggest Two-Day Drop Since January on Growth Concern

U.S. stocks fell, giving the Standard & Poor’s 500 Index its biggest two-day loss since January, as China cut its economic growth target and orders to American factories decreased for the first time in three months.

Commodity, technology and industrial shares dropped the most among 10 groups in the S&P 500. Alcoa Inc. and Caterpillar Inc. fell at least 2.1 percent. Apple Inc. slumped 2.2 percent, snapping a seven-day advance. Bank of America Corp. and Citigroup Inc. dropped more than 1.2 percent. International Business Machines Corp. closed above $200 on a split-adjusted basis for the first time, after rallying 9.1 percent in 2012.