U.S. Stocks Post Worst Week Since August on Fed Concern
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U.S. stocks had their biggest weekly drop since August, dragging the Standard & Poor’s 500 Index down from a record high, amid concern that improving economic data will prompt the Federal Reserve to cut stimulus.
Health-care, telephone and utility companies led the retreat in all 10 of the main S&P 500 industries as investors shunned companies whose earnings tend to benefit the least from an accelerating economy. McDonald’s Corp. lost 2.4 percent as November sales missed analysts’ estimates. Cisco Systems Inc. sank 4.9 percent after reducing its revenue forecast. Facebook Inc. jumped 11 percent after the social-media company was picked to join the S&P 500.