U.S.
stocks slipped in light trading, with the Standard & Poor’s 500
Index posting back-to-back declines for the first time this month, as
investors considered the capacity of central banks to boost global
growth.
The
complexion of Tuesday’s retreat mirrored yesterday’s results, with
commodity companies among the biggest losers, joined again by
health-care and financial shares. Valeant Pharmaceuticals International
Inc. plunged 51 percent after cutting its profit forecast. Apple Inc.
added 2 percent amid positive analyst comments on iPhone sales, while
baby formula maker Mead Johnson Nutrition Co. surged 11 percent on deal
speculation.
The S&P 500 declined 0.2 percent to 2,015.91 at 4 p.m. in New York, trimming an earlier 0.7 percent slide.
U.S.
equities retreated with shares in Asia and Europe after the Bank of
Japan refrained from adding more stimulus. Central banks around the
world have indicated a willingness to continue measures to support
economic growth and stabilize markets, helping stocks rebound in the
past month. The Federal Reserve kicked off a two-day policy meeting
today, with investors tempering their trading before the outcome
Wednesday afternoon.
Traders
are pricing in little chance of a rate increase, though bets for a
boost later in the year have risen. The probability of a June move is
now seen at almost 54 percent, from 2 percent a month ago.
Source : Bloomberg
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