U.S. Stocks Fall as American Economy Grows Less Than Forecast
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U.S. stocks fell, sending the Standard & Poor’s 500 Index lower for a second day, after a report showed the world’s largest economy expanded less than forecast in the fourth quarter as consumers curbed spending.
Ford Motor Co. slumped 4.2 percent as profit missed estimates on overseas challenges. Chevron Corp., the second-largest U.S. energy company, slid 2.5 percent after reporting its biggest earnings decline in two years. T. Rowe Price Group Inc., the asset manager that has posted a profit every quarter since going public in 1986, dropped 2 percent as earnings fell. Banks in the S&P 500 rose 1.1 percent as optimism grew that Greece will reach an agreement with bondholders.