U.S. stocks fell, ending four days of records for the Standard & Poor’s 500 Index, amid disappointing economic data and after a Federal Reserve official said the central bank may slow the pace of stimulus as early as this summer.
U.S. stocks fell, pulling benchmark indexes down from records, and the Dollar Index reversed losses as Federal Reserve officials discussed scaling back stimulus efforts. Gold futures extended the longest slump since 2011.
Most U.S. stocks rose, led by financial shares, as the Standard & Poor’s 500 Index extended its rally past 1,600. The euro fell as European Central Bank President Mario Draghi said policy will remain accommodative and the ECB will act again to boost growth if needed.
Apple Inc. forecast sales that missed analysts’ predictions and said it will return an additional $55 billion in cash to shareholders to compensate for a stock that’s been hammered by signs of slowing growth.
Apple Inc. Chief Executive Officer Tim Cook is seeking to reassure investors dismayed by the company’s falling stock price and first profit drop in a decade by unveiling the largest buyback plan in corporate history.
Laszlo Birinyi, one of the first money managers to tell clients to buy before the bull market began, said the Standard & Poor’s 500 Index’s record rally probably has another year to go as investors give up their pessimism and buy.