U.S. Stocks Decline on Retail Sales Data
U.S. stocks fell, driving benchmark indexes down from near three-year highs, as retail sales growth trailed estimates and European officials signaled Greece has not yet done enough to qualify for a second bailout.
Financial and commodity shares dropped the most in the Standard & Poor’s 500 Index among 10 industries. Bank of America Corp. (BAC) decreased 3.4 percent after Citigroup Inc. cut its recommendation. Goodyear Tire & Rubber Co. (GT) retreated 5.6 percent after reporting profit that was less than analysts’ estimates. Masco Corp. (MAS) tumbled 13 percent after the home improvement and building products maker reported a wider-than-projected loss.
The S&P 500 slid 0.6 percent to 1,343.79 at 1:22 p.m. New York time. Yesterday’s gain put the benchmark gauge less than 1 percent away from its peak nine months ago of 1,363.61, which was the highest level since June 2008. The Dow Jones Industrial Average fell 58.54 points, or 0.5 percent, to 12,815.50 today.