U.S. Stocks Retreat on AIG's Loss, Wal-Mart's Sales Forecast
By Elizabeth Stanton
Aug. 7 (Bloomberg) -- U.S. stocks fell for first time in three days after American International Group Inc.'s unexpected loss dragged down financial shares and Wal-Mart Stores Inc.'s forecast for slower sales growth sent retailers lower.
AIG, the world's largest insurer, slumped the most since at least 1980 as subprime-related writedowns wiped out profit and spurred concern the company will need to raise more capital. Lehman Brothers Holdings Inc. and Freddie Mac also dropped, pushing financial shares to the steepest declines in the S&P 500. Wal-Mart, the biggest retailer, tumbled the most in a year.
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