U.S. stocks retreated this week, with the Standard & Poor’s 500 Index having its biggest decline since December, amid weaker-than-estimated housing data and reports showing manufacturing contracted in Europe and China.
Stocks rose on March 23 as a jump in oil prices lifted energy shares. The rally failed to help the industry avoid posting the worst performance for the week among the S&P 500’s 10 groups, falling 3 percent as Baker Hughes Inc. (BHI) slumped 11 percent. The Dow Jones Transportation Average lost 2.5 percent, the most since Nov. 25, as FedEx Corp. tumbled amid a disappointing earnings forecast. Apple Inc. (AAPL) advanced 1.8 percent after announcing its first dividend in 17 years.
SR5b airport projects OK’d
Prince Fahd Bin Abdullah, president of the General Authority of Civil Aviation (GACA), has approved a number of airport development projects worth a total of more than SR5 billion, the Saudi Press Ag