Pursuits
U.S. Stocks Retreat as Banks Tumble on Foreclosure Concerns
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U.S. stocks declined, dragging benchmark indexes down from five-month highs, as financial companies slumped amid concern over growing legal scrutiny of home foreclosure practices.
Bank of America Corp., Citigroup Inc. and Wells Fargo & Co. slid more than 4 percent to lead financial stocks in the Standard & Poor’s 500 Index to a 1.8 percent drop, the biggest among 10 industry groups. Apollo Group Inc. sparked a plunge in education stocks after withdrawing its forecast for fiscal 2011. Yahoo! Inc. gained 4.5 percent and EMC Corp. rose 4.5 percent on reports they may be takeover targets.