Economics
U.S. Stocks Fall as Biotech Slumps; Apple Climbs in Late Trading
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U.S. stocks fell, retreating from records, as declines in biotechnology companies overshadowed a rally in commodities stocks before Apple Inc.’s results.
Mylan NV fell 5.7 percent after rejecting Teva Pharmaceutical Industries Ltd.’s $40 billion takeover offer. The Nasdaq Biotechnology Index lost 4.1 percent. Applied Materials Inc. sank 8.4 percent after dropping its takeover bid for Tokyo Electron Ltd. Freeport McMoRan Inc. and DuPont Co. rose more than 4.6 percent. Apple added 1 percent in late trading after topping forecasts and boosting its capital-return program by $70 billion.