Most U.S. stocks fell, after the Standard & Poor’s 500 Index rose to its highest level since April, as investor concern about Europe’s debt crisis overshadowed a rally in technology and financial companies.
Stocks rose, with the Standard & Poor’s 500 Index rebounding from a two-month low, while European equities erased early losses and the euro snapped the longest slide since 2008 as Greece attempted to form a new government.
U.S. stocks climbed, giving the Standard & Poor’s 500 Index its biggest gain of the month, as better-than-estimated housing starts added to expectations the world’s largest economy will weather Europe’s debt crisis.
Federal prosecutors don’t plan to bring charges against former American International Group Inc. executive Joseph Cassano after a two-year probe of the insurer’s collapse, according to a person familiar with the investigation.
The Standard & Poor’s 500 Index retreated from a record, set after the Federal Reserve’s decision to cut stimulus yesterday, as investors weighed economic data that included jobless claims and home sales.