S&P 500 Caps First Weekly Drop in 2013 on Stimulus Debate
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The Standard & Poor’s 500 Index capped its first weekly decline of the year, after reaching the highest level since October 2007, amid increasing concern the Federal Reserve will curtail its stimulus program.
Equities rebounded on the last day of the week as German business confidence rose more than estimated. Freeport-McMoRan Copper & Gold Inc. and U.S. Steel Corp. sank at least 7.3 percent to pace declines in raw-material companies. Abercrombie & Fitch Co. tumbled 8 percent as it forecast a first-quarter loss. Hewlett-Packard Co., the largest personal-computer maker, surged 14 percent after forecasting profit that beat estimates.