U.S. Stocks Fall, Snapping Two-Week Rally, Amid Growth Concern
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U.S. stocks fell, ending a two-week winning streak by the Standard & Poor’s 500 Index, after the Federal Reserve cut its economic forecast and a bear market in commodities prices dragged down energy producers.
Equities rose in the week’s final session as JPMorgan Chase & Co. paced a rally in banks following a downgrade by Moody’s Investors Service that was no worse than the credit-rating firm had warned. Energy producers lost the most in the S&P 500 for the week, sinking 3.3 percent as economic reports added to signs of a global slowdown. Procter & Gamble Co. slid 4.9 percent and Bed Bath & Beyond Inc. tumbled 16 percent after disappointing profit forecasts. Facebook Inc. jumped 10 percent.