U.S.
stocks fell, with the Dow Jones Industrial Average retreating from a record, as
corporate earnings and an improving economy fueled speculation the Federal
Reserve will reduce stimulus next month.
NRG
Energy Inc. slipped 3.5 percent after the power generator lowered its 2013
adjusted earnings target. News Corp. dropped 1.6 percent as the publisher of
the Wall Street Journal reported a decline in revenue. Dish Network Corp. rose
6 percent as the second-largest U.S. satellite-television provider’s earnings
exceeded estimates.
The
Standard & Poor’s 500 Index fell 0.2 percent to 1,767.69 at 4 p.m. in New
York, after closing yesterday within a point of its all-time high. The Dow lost
32.43 points, or 0.2 percent, to 15,750.67. About 5.9 billion shares changed
hands on U.S. exchanges today, 2.9 percent below the three-month average.
The
S&P 500 and the Dow Jones Industrial Average have touched records this
quarter as the Fed refrained from curbing its $85 billion in monthly asset
purchases, while better-than-forecast data and corporate earnings indicate the
economy may be strong enough to withstand less stimulus.
(Source:
Bloomberg)
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