Pursuits
Most U.S. Stocks Fall Amid Dell’s Drop, Fed Officials’ Comments
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Most U.S. stocks declined, wiping out an earlier advance, as Dell Inc. forecast weaker sales and two Federal Reserve officials expressed concern about the amount of stimulus being applied to the economy.
Dell fell 10 percent as slower spending on PCs and consumer technology crimped its sales forecast. Abercrombie & Fitch Co., the teen-clothing retailer, slid 8.7 percent as executives said cost pressure will rise. Standard & Poor’s 500 Index companies that are least-tied to the economy, including phone and utility providers, rose at least 0.8 percent as a group. Eastman Kodak Co. surged 26 percent as analysts and investors told Bloomberg News its patents may make it a takeover target.