U.S. Stocks Decline as S&P 500 Has Biggest Drop Since November
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U.S. stocks fell, driving the Standard & Poor’s 500 Index to its biggest drop since November, after Goldman Sachs Group Inc. failed to beat profit estimates and housing starts slid more than forecast.
Goldman Sachs slumped 4.7 percent, the most since April, after earnings tumbled 52 percent because of lower revenue from trading and investment banking. A gauge of homebuilders in S&P indexes retreated 2.9 percent. American Express Co. declined 2.4 percent following a lower-than-estimated profit forecast. International Business Machines Corp. rallied 3.4 percent after reporting earnings that topped analysts’ projections.