U.S. stocks declined
for a third day, amid disappointing results from Allstate Corp. and CVS
Health Corp. while Apple Inc. slipped further into a correction.
The Standard &
Poor’s 500 Index lost 0.2 percent to 2,093.37 at 4 p.m. in New York,
slipping below its average price during the past 100 days.
The S&P 500 rose 2
percent in July, the best monthly gain since February, as earnings from
Amazon.com Inc. and Google Inc. countered declines by energy and mining
stocks. The index closed Tuesday 1.8 percent below a record set in May.
Almost three-quarters
of the benchmark’s members have reported earnings this season, with 74
percent beating profit estimates and about half exceeding sales
projections. Analysts now forecast a 2.8 percent drop in second-quarter
earnings, shallower than calls for a 6.4 percent fall about three weeks
ago.
Source: Bloomberg
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