U.S. stocks tumbled, sending the Standard & Poor's 500 Index to the

lowest level since May 1, on concern technology spending will slow

and second?quarter earnings will fail to justify a four?month rally in

equities. Microsoft Corp. and Google Inc. lost more than 2.8 percent

after researcher Gartner Inc. predicted spending on information

technology will drop 6 percent this year.

Gartner's forecast for a 6 percent drop in technology spending is

worse than the 3.8 percent decrease it predicted in March. While the

global recession shows signs of easing, Gartner said in an e?mail that

"IT budgets are still being cut and consumers will need a lot more

persuading before they can feel confident enough to loosen their

purse strings."

U.K. consumer confidence rose to an eight?month high in June as

shoppers became more hopeful that the economy will emerge from

recession. An index of sentiment rose to 58 in June, from 54 the

previous month

Wuhan Iron & Steel Co., China's third?biggest steelmaker, raised

prices by as much as 12 percent for August delivery, signaling the

government's stimulus spending is improving demand from

automakers and builders.

Cold?rolled prices were increased by 480 yuan ($70) a metric ton, and

hot?rolled coil by 240 yuan, Board Secretary Wan Yi said today in an

interview. This would be the third month the Hubei province?based

mill has raised prices for cold?rolled products, Umetal Research

Institute said.

Benchmark Chinese steel prices have gained 15 percent since April 1

as Wuhan Steel, Baoshan Iron & Steel Co. and Maanshan Iron & Steel

Co. took advantage of recovering demand. The improvement may

make it harder for Chinese mills to ask Rio Tinto Group to cut iron ore

prices by more than 33 percent.

China failed to sell all of the 28 billion yuan ($4.1 billion) of one?year

government bonds it offered at an auction today, traders said. "The

failure to sell the amount of bonds as planned showed the rising

inflation concerns," said Tang. "The auction result will add to the

bearish sentiment in the bond market."

Asian stocks fell for a sixth day, led by finance and mining companies,

as an unexpected drop in Japanese machinery orders fanned concern

a global economic recovery will falter. Japan's government said today

that machinery orders declined 3 percent in May. Economists had

estimated a 2 percent increase.