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.
Emerging-market stocks fell a third day, capping the longest slide in a month, as Chinese industrial output trailed estimates and India’s trade deficit widened. Homebuilder Gafisa SA paced losses in Brazil’s Ibovespa.
Building-supply stocks such as USG Corp., in which Warren Buffett holds a 16 percent stake, and Eagle Materials Inc. that more than doubled last year are poised to rise further as the U.S. housing market extends its recovery.
Stocks rose, extending the Dow Jones Industrial Average’s record high, as a private report showed faster-than-forecast U.S. job growth and the Federal Reserve said the economy is growing. Oil slid as U.S. inventories rose.
The Standard & Poor’s 500 Index was tumbling to a 10-month low on July 2 as U.S. hiring declined and factory orders plunged. At Marketfield Asset Management in New York, Michael Shaoul told clients to hang on.
U.S. corporations ended 2011 with the slowest profit growth in two years as the mending economy that lifted Macy’s Inc. was met by a European slump that vexed companies more tied to global sales, such as Cisco Systems Inc.
The Dow Jones Industrial Average climbed above 13,000, capping its longest weekly advance since January, amid speculation the European Central Bank will buy bonds to help lower borrowing costs and preserve the euro.