Economics
U.S. Stock Rally Sputters in Week as S&P 500 Profit Outlook Dims
- Corporate earnings projections negative for third quarter
- Losses in utilities, phone companies weigh on S&P 500
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A two-month advance in U.S. equities ran out of steam amid signs investors are again growing skeptical of the long-awaited rebound in corporate profits.
Stocks didn’t fall by much -- at its close of 2,183.87, the S&P 500 Index slipped 0.01 percent over the five days -- but that was enough to make it the second-worst week since June. The benchmark gauge for American equity closed just 10 points above where it ended July as momentum seeped out of a rally that lifted shares almost 20 percent since February’s low.