Most Stocks Drop as Wal-Mart Falls; Treasuries Pare Loss

Most U.S. stocks fell, pulling the Standard & Poor’s 500 Index down from a five-year high, as Wal-Mart Stores Inc. tumbled after an e-mail showed an executive called February sales a “total disaster.” Treasuries pared earlier losses, the yen weakened while gold and oil sank.

The S&P 500 dropped 0.1 percent to 1,519.79 at 4 p.m. in New York after closing yesterday at the highest since October 2007. The index capped a seventh straight weekly gain, the longest streak in two years. Ten-year U.S. Treasury note yields increased one basis points to 2.01 percent after climbing four points earlier. Japan’s currency lost 0.7 percent versus the dollar after Group of 20 finance chiefs resisted adopting a tougher stance on exchange rates. Oil sank 1.5 percent and gold dipped below $1,600 an ounce for the first time since August.