U.S. Stocks Fall From Record Amid Fisher Comments, Services Data

Aug. 5 (Bloomberg) -- U.S. stocks fell from record highs as investors weighed data showing stronger-than-forecast growth in service industries and a Federal Reserve official’s comment that the central bank is closer to slowing its monthly bond buying. The Standard & Poor’s 500 Index slipped 0.2 percent to 1,707.11 at 4 p.m. in New York. Stocks rallied 1.1 percent last week, sending the S&P 500 above 1,700 for the first time, as central banks vowed to maintain stimulus and data showed economic growth beat projections in the second quarter. The S&P 500 has advanced 20 percent this year and is trading at 15.5 times estimated earnings, compared with an average of 13.9 over the last five years, data compiled by Bloomberg showed. Fed Bank of Dallas President Richard Fisher, one of the most vocal critics of quantitative easing, warned investors not to rely on the central bank’s $85 billion in monthly bond purchases.