Stocks tumbled, sending U.S. benchmark indexes to one-month lows, while Treasuries rallied as investors weighed weaker-than-forecast employment growth and prospects for Federal Reserve stimulus plans. The yen strengthened and shares plunged in Japan.
Joy Global Inc., the largest maker of underground mining equipment, cut its full-year profit and sales forecasts and said it sees no immediate recovery in orders as commodity producers reduce spending amid surplus supply.
Joy Global Inc., the world’s second-largest maker of mining equipment, refuted allegations made about its International Mining Machinery Holdings Ltd. unit and said it has a “high level of comfort” in the reported results of the business it bought in China last year.
Joy Global Inc., which generated the biggest shareholder returns of any industrial company in America over the past three years, would now be worth about 50 percent more as a takeover target for Komatsu Ltd. or Volvo AB.
U.S. stocks fell, pulling the Standard & Poor’s 500 Index lower after a record high, as a report showed American manufacturing expanded less than forecast in March as factories slowed production and orders waned.