U.S. Stocks Retreat After Early Advance Sent S&P 500 to Record

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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.

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U.S. Stocks Advance on Economy Optimism as S&P 500 Nears Record

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U.S. stocks advanced, with the Standard & Poor™s 500 Index poised for its biggest weekly jump in a month, amid investor optimism in the strength of the world™s largest economy.

The S&P 500 added 0.2 percent to 1,876.51 at 9:30 a.m. in New York. The gauge has climbed 1.7 percent this week and closed within six points of its record reached March 7. The Dow Jones Industrial Average gained 20.72 points, or 0.1 percent, to 16,351.77 today.

Stock trading may be subject to unexpected swings today because of a quarterly event known as quadruple witching, when futures and options contracts on indexes and individual stocks expire.

The S&P 500 rose 0.6 percent yesterday as reports on leading indicators and regional manufacturing fueled optimism in the economy, overshadowing concern that benchmark interest rates may rise in the middle of next year.

The index lost 0.6 percent the previous day after Federal Reserve Chair Janet Yellen said the central bank™s stimulus program could end this fall and the rates could rise about six months later.

Three rounds of Fed stimulus and low interest rates have helped boost the equity gauge as much as 178 percent from a 12-year low as U.S. stocks enter the sixth year of a bull market.

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European Stocks Little Changed After Confidence Report, Witching

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European stocks were little changed, with the Stoxx Europe 600 Index posting its biggest weekly gain in five weeks, as consumer confidence increased more than forecast, while derivatives contracts expired.

Rio Tinto Group rose 1.6 percent as copper rebounded. Commerzbank AG climbed 2.5 percent as Morgan Stanley upgraded its rating on the German lender. Havas SA lost 1.8 percent after posting 2013 profit that fell short of analysts™ estimates. Remy Cointreau SA retreated the most since November as UBS predicted China™s anti-extravagance measures will continue to cut into the cognac-maker™s profit.

The Stoxx 600 gained 0.1 percent to 327.91 at the close of trading. The index has advanced 1.8 percent this week, paring its loss this year to 0.1 percent, as President Vladimir Putin said he wasn™t seeking to split up Ukraine after Crimea voted to join Russia.

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U.S. Index Futures Rise as S&P 500 Heads for Best Week in Month

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U.S. stock-index futures advanced, indicating that the Standard & Poor™s 500 Index will rise for a second day as it heads for its biggest weekly jump in a month.

Genco Shipping & Trading Ltd. surged 37 percent in early New York trading after saying it remains in talks about a potential debt restructuring. Yelp Inc. rose 2.6 percent after partnering with advertising platform YP. Symantec Corp. slumped 10 percent after firing its chief executive officer. Tiffany & Co. lost 2.7 percent after reporting earnings that missed analysts™ estimates and forecasting profit below projections.

Futures on the S&P 500 expiring in June added 0.2 percent to 1,870.3 at 8 a.m. in New York. The gauge has climbed 1.7 percent this week and closed 0.3 percent away from its record high reached March 7. Dow Jones Industrial Average contracts gained 30 points, or 0.2 percent, to 16,295 today.

The S&P 500 rose 0.6 percent yesterday as reports on leading indicators and regional manufacturing fueled optimism in the economy, overshadowing concern that benchmark interest rates may rise in the middle of next year. The index lost 0.6 percent the previous day after Federal Reserve Chair Janet Yellen said the central bank™s stimulus program could end this fall and the rates could rise about six months later. The Fed had previously said it would not raise them for a considerable period, without specifying a time frame.

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