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Aside from banks, homebuilders had the biggest declines in the S&P 500. PulteGroup lost 6.8 percent, Lennar 5.3 percent and D.R. Horton 4.8 percent. The declines added to steep losses for all three companies on Friday. In two days, they have lost about one-third of the huge gains that they posted in the first three months of the year. The S&P 500 has fallen nearly 10 percent since its recent peak of 1,419, reached on April 2. Traders call a decline of that size a market correction. Since April, traders have grown increasingly nervous about Europe's finances. Spain's banks are in shambles, and Cyprus appears close to joining the club of bailed-out countries that already includes Greece, Portugal and Ireland. Voters in Greek elections this month might choose leaders who intend to reject Europe's bailout money and harsh spending cuts. That could lead to Greece's expulsion from the euro, potentially rattling financial markets. Falling bond yields for Spain and Italy added to signs of growing confidence that Europe can avoid a messy breakup of its currency union. The euro rose a penny against the dollar, to around $1.25. It fell last week to a nearly two-year low against the dollar but rose after the May jobs report renewed concerns about the U.S. economy. European stocks closed mixed.
[Associated
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