U.S.
stocks retreated, with health-care and technology shares leading losses
after the Standard & Poor™s 500 Index rose to a record earlier amid
optimism about the economy.
The S&P 500 lost 0.3 percent at
1,865.79 at 4 p.m. in New York. The gauge climbed 1.3 percent this week
and earlier today rose above its previous intraday record of 1,883.57
reached March 7. Trading in S&P 500 stocks was 42 percent above the
30-day average amid a quarterly event known as quadruple witching, when
futures and options contracts on indexes and individual stocks expire.
Stocks erased gains today after the
S&P 500 earlier reached levels it has repeatedly failed to surpass
this month. Before today, its previous intraday high was 1,883.57,
reached March 7, and the gauge touched 1,881.94 on March 6 and 1,882.35
on March 11.
The S&P 500 yesterday recovered most
of its drop from March 19 when Federal Reserve Chair Janet Yellen said
the central bank™s stimulus program could end this fall and benchmark
interest rates could rise about six months later. Stocks gained
yesterday as data on leading indicators and regional manufacturing
fueled economic optimism, overshadowing concern that interest rates may
rise in the middle of next year.
Copy Source: Bloomberg
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