U.S. Stocks Decline After Fed Rally as Energy Shares Retreat

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U.S. stocks fell, after a rally Wednesday on the Federal Reserve’s policy statement, as banks retreated and energy companies fell with the price of oil.

Transocean Ltd. and Chesapeake Energy Corp. dropped more than 5.1 percent. Citigroup Inc. and Morgan Stanley fell more than 2.4 percent. The Nasdaq Biotechnology Index rose 1.3 percent. Apple Inc. slipped in its first day in the Dow Jones Industrial Average.

The Standard & Poor’s 500 Index slipped 0.6 percent to 2,088.01 at 12:17 p.m. in New York. The Dow declined 117.16, or 0.7 percent, to 17,959.03 after rising 1.3 percent Wednesday. The Nasdaq Composite Index rose 0.1 percent after earlier approaching the 5,000 level again.

The dollar rebounded from its biggest drop versus the euro in six years. The Bloomberg Dollar Spot Index, a gauge of the currency’s performance against 10 major peers, gained 1.3 percent, halting a three-day drop.

Source : Bloomberg