S&P 500 Retreats From Record Amid Iran Nuclear Deal

The Standard & Poor’s 500 Index (SPX) fell, after seven consecutive weekly gains that lifted the gauge to a record, as energy shares retreated following Iran’s agreement to limit its nuclear program.

Schlumberger Ltd. and Noble Corp. declined more than 3.2 percent as crude oil slipped. An index of airlines reached an almost seven-year high amid optimism fuel costs may drop. Alcoa Inc. (AA) climbed 3.8 percent and Caterpillar Inc. rose 1.8 percent after analysts recommended buying the shares.

The S&P 500 dropped 0.1 percent to 1,802.48 at 4 p.m. in New York, erasing earlier gains of as much as 0.2 percent. The Dow Jones Industrial Average added 7.77 points, or 0.1 percent, to an all-time high of 16,072.54. The Nasdaq Composite Index rose 0.1 percent to 3,994.57, after briefly surpassing 4,000 for the first time since September 2000. About 5.6 billion shares changed hands on U.S. exchanges, about 7.8 percent below the three-month average.

 (Source: Bloomberg)