U.S. Stocks Decline as Financial, Technology Shares Lead Drop

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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