U.S. Stocks Erase Post-Fed Rally, Commodity Shares Lead Retreat
- Stronger dollar weighs on raw-material, energy shares
- Oracle slumps, FedEx climbs after reporting earnings
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U.S. stocks dropped, ending the Standard & Poor’s 500 Index’s three-day rally, as investors moved past the Federal Reserve’s interest-rate increase and returned their focus to weakness in commodities and prospects for global growth.
A stronger dollar in the wake of the Fed’s move weighed on energy and raw-material shares, as crude tumbled below $35 a barrel. General Mills Inc. sank 3.3 percent after its quarterly results missed estimates, and Oracle Corp. slumped after its revenue fell short of forecasts. FedEx Corp. gained 2 percent after beating profit targets.