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U.S. Stocks Drop, S&P 500 Posts Longest Decline in Seven Weeks

U.S. stocks fell, sending the Standard & Poor’s 500 Index to its longest losing streak in seven weeks, as banks dropped on concern over financial regulation and after the cost to protect from a Greek default surged to a record, while consumer shares retreated.

Bank of America Corp. and JPMorgan Chase & Co. dropped more than 2.2 percent. Retailers slumped after Bed Bath & Beyond Inc., whose shares lost 5.6 percent, missed earnings estimates. Nike Inc. slid 4 percent as the athletic shoemaker’s sales trailed projections. Dell Inc. declined 6.4 percent after its 2011 forecast disappointed some investors.