S&P 500 Loses Grip on 4-Month High as Stocks Fall Amid Earnings
- Verizon, Travelers shares retreat after quarterly reports
- Benchmark index fades on approach toward all-time high
The Risks, Fears, and Wall of Worry Driving Markets
The Standard & Poor’s 500 Index fell the most in two weeks, sliding from a four-month high amid a mix of corporate earnings that provided little incentive for investors to send U.S. stocks higher.
Equities failed to extend a climb toward fresh records as earnings season picked up, dispensing enough disappointment to overshadow gains in shares of companies that beat expectations. Verizon Communications Inc. and Travelers Cos. dropped more than 3.3 percent after reporting results, while Biogen Inc. rallied and Union Pacific Corp. jumped to the highest since November as their earnings exceeded forecasts. After the markets closed, Google parent Alphabet and Microsoft Corp. fell as their results missed predictions.