U.S. stocks fell, sending the Standard & Poor’s
500 Index to its lowest level in a month, as weaker-than-estimated data
added to concerns about slowing growth before Friday’s government jobs
report.
Apple Inc., Hewlett-Packard Co. and Microsoft Corp.
dropped for a third session, weighing on technology shares. Alexion
Pharmaceuticals Inc. tumbled 8 percent after agreeing to buy Synageva
BioPharma Corp. for $8.4 billion, and Pfizer Inc. declined as
health-care slumped. Devon Energy Corp. rose 1 percent after boosting
its production forecast.
The S&P 500 Index fell 0.4 percent to 2,080.20 at 4 p.m. in New York, near its average price during the past 100 days.
Equities extended their declines after Federal
Reserve Chair Janet Yellen said equity market valuations are quite high
and could be a potential source of financial instability, in remarks on a
panel in Washington.
Source: Bloomberg
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