U.S.
stocks dropped, ending the Standard & Poor’s 500 Index’s three-day
rally, as investors moved past the Federal Reserve’s interest-rate
increase and returned their focus to weakness in commodities and
prospects for global growth.
A
stronger dollar in the wake of the Fed’s move weighed on energy and
raw-material shares, as crude tumbled below $35 a barrel. General Mills
Inc. sank 3.3 percent after its quarterly results missed estimates, and
Oracle Corp. slumped after its revenue fell short of forecasts. FedEx
Corp. gained 2 percent after beating profit targets.
The
S&P 500 fell 1.5 percent to 2,041.95 at 4 p.m. in New York, erasing
Wednesday’s post-Fed gains, and paring an advance this week that
previously had the gauge up 3 percent. The index slipped below its
average prices during the past 50 and 200 days.
Earnings
had some influence on Thursday’s trading, with Oracle sinking the most
in six months after revenue missed analysts’ estimates for the 10th time
in 12 quarters. The company has been pressured as customers transition
from the traditional model of buying software installed on corporate
computer systems to products delivered over the Internet.
General
Mills had its biggest slide since September after the maker of Cheerios
and Lucky Charms posted results that missed estimates, hurt by sluggish
demand for breakfast cereals in the U.S. FedEx gained 2.2 percent after
its earnings beat estimates and the package delivery giant said growth
in e-commerce is resulting in record holiday shipments so far this
season.
Source : Bloomberg
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