Shares of General Electric Co. posted some of the steepest declines among industrial companies in the S&P 500 during the second quarter, as the overall sector was hurt by rising gas prices and a weak U.S. economy.
Shares of the industrial conglomerate _ which makes jet engines, railroad locomotives, water treatment plants, household appliances and owns NBC television _ fell about 29 percent during the quarter.
On Friday, the company's shares dropped as low as $26.15, marking their lowest price since March 2003. That decline followed a massive sell-off in April after GE announced first-quarter profit fell 6 percent.
The bulk of 55 industrial companies listed in the S&P 500 posted declines for the second quarter, with 21 of them falling by double-digit percentages. Just 20 companies posted any kind of increase for the period.
Among heavy equipment companies, Manitowoc Inc. fell about 21 percent and Terex Corp. dropped about 18 percent. Shipping companies UPS Inc. and FedEx Corp. both fell about 17 percent.
Meanwhile, Cummins Inc., which makes engines for commercial trucks, was the sector's biggest gainer, rising about 37 percent during the period.
Other big gainers for the quarter included waste management companies Allied Waste Industries Inc., which posted 18 percent growth, and Waste Management Inc., which rose about 11 percent.
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