U.S. Stocks Retreat as Shares of Chipmakers, Retailers Slump
U.S. stocks declined for a third straight day, erasing an earlier rally, as semiconductor companies dropped after UBS AG said weakness in Europe could hurt shipments and retailers slumped.
The Standard & Poor’s 500 Index retreated 0.5 percent to 1,045.43 at 1:53 p.m. in New York, giving it a 5.3 percent loss since June 3 and wiping out a morning gain of 0.7 percent. Intel Corp., the world’s biggest chipmaker, fell 2.2 percent. Retailers slumped as Talbots Inc. tumbled 8.5 percent.