Economics
U.S. Stocks Drop After Personal-Income Growth Trails Forecasts
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U.S. stocks fell, erasing the previous session’s advance, after a smaller-than-forecast gain in personal incomes added to concern the economic rebound may slow further.
Bank of America Corp., Home Depot Inc. and American Express Co. lost at least 2.4 percent to help lead the Dow Jones Industrial Average lower after government data showed income growth failed to keep up with the biggest increase in consumer spending since March. Intel Corp. slipped 2.2 percent after agreeing to buy Infineon Technologies AG’s wireless unit for about $1.4 billion.