Pursuits
S&P 500 Snaps Two-Week Rally Amid Concern Over Global Economy
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Stocks fell for the week, after the Standard & Poor’s 500 Index climbed to the highest level since 2007, as concern about slowing global growth overshadowed optimism about central bank stimulus.
Financial and commodity shares dropped the most for the week among 10 industry groups in the S&P 500 as Bank of America Corp. and Alcoa Inc. declined more than 4.6 percent. FedEx Corp. and Norfolk Southern Corp. slumped at least 6.4 percent amid disappointing forecasts, driving the Dow Jones Transportation Average to its biggest weekly loss since November. Apple Inc. climbed 1.3 percent amid its iPhone 5 debut that analysts say will be the largest for any consumer electronics in history.