Most U.S. Stocks Fall Amid Concern About Accelerating Inflation

Most U.S. stocks fell, pushing the Standard & Poor’s 500 Index down from its highest level since June 2008, amid growing investor concern that accelerating global inflation will lead to higher borrowing costs.

Chevron Corp. and Alcoa Inc. dropped at least 1.4 percent, sending energy and raw materials producers to the two biggest declines within 10 S&P 500 groups. Wells Fargo & Co. slumped 2.8 percent after Chief Financial Officer Howard I. Atkins stepped down. American International Group Inc. slid 3 percent after saying higher-than-forecast claims cut profit by $4.1 billion. NYSE Euronext surged 14 percent after saying it was in talks to be purchased by Germany’s Deutsche Boerse AG.