Banks
and technology companies led U.S. stocks lower for the fourth time in
five days, as a midmorning recovery fizzled and investors resumed a
rotation out of the bull market™s biggest winners.
Citigroup
Inc. dropped the most since 2012 after its capital plan failed Federal
Reserve stress tests. Accenture Plc. fell 6.8 percent after saying it
anticipates a continued œchallenging environment for its business.
GameStop Corp. lost 6.8 percent after its earnings forecast trailed
analysts™ estimates. Baxter International Inc. jumped 5.5 percent after
saying it will split into two companies.
The
Standard & Poor™s 500 Index declined 0.3 percent to 1,847.40 at
12:18 p.m. in New York, after rising as much as 0.2 percent earlier. The
Dow Jones Industrial Average slipped 13.91 points, or 0.1 percent, to
16,255.08. The Nasdaq Composite Index sank 0.6 percent.
The
Chicago Board Options Exchange Volatility Index, a gauge for U.S. stock
volatility also known as VIX, rose 3.6 percent to 15.46. Trading in
S&P 500 stocks was 27 percent above the 30-day average during this
time of the day.
Copy Source: Bloomberg
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