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US STOCKS SNAPSHOT-S&P at 12-yr low, US stake in Citi stirs fear
NEW YORK, Feb 27 (Reuters) - U.S. stocks fell and the S&P 500 closed at a 12-year low on Friday, after the government said it will take a large stake in Citigroup's common shares, fanning fears it will increase its role in other major banks.
* Healthcare and drug companies, such as Merck & Co (MRK.N) and Johnson & Johnson Inc (JNJ.N), fell for a second day on worries that U.S. President Barack Obama's budget proposal will strangle profits as the administration tries to rein in healthcare costs.
* Data showing the U.S. economy shrank at an annual rate of 6.2 percent last quarter also weighed on the market.
* The Dow Jones industrial average .DJI fell 119.15 points, or 1.66 percent, to 7,062.93. The Standard & Poor's 500 Index .SPX lost 17.74 points, or 2.36 percent, to 735.09. The Nasdaq Composite Index .IXIC was down 13.63 points, or 0.98 percent, at 1,377.84. (Reporting by Leah Schnurr; Editing by Leslie Adler)
Topic: Stocks collapse again ( down to 7062.93) 12 year low (Read 567 times)