Economics
U.S. Stocks Slide With Investors Wary on Growth Before Fed Meets
- Banks, energy producers pace declines as crude slides
- Cost of living shows inflation moving toward Fed target
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U.S. stocks retreated to trim a weekly gain as investors awaited next week’s Federal Reserve meeting, with economic indicators pointing to uneven growth in the world’s largest economy.
Banks and energy producers carried the steepest losses Friday, with crude oil sinking to a one-month low. Sentiment soured on lenders as Deutsche Bank AG sparked a selloff in European banks after it rebuffed a Department of Justice offer to settle a financial crisis related probe for $14 billion. Oracle Corp. declined 4.8 percent after its quarterly revenue missed estimates. Intel Corp. climbed 3 percent after raising its sales forecast.