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Most U.S. Stocks Drop as Goldman Sachs, BofA Drive Banks Lower

Most U.S. stocks fell after Goldman Sachs Group Inc.’s decline in the last 15 minutes of trading wiped out the day’s second Standard & Poor’s 500 Index rally, overshadowing gains by technology shares.

Goldman Sachs slumped 4.7 percent to the lowest level since March 2009 after Reuters said Chief Executive Officer Lloyd Blankfein hired a defense attorney. The company confirmed the report after the close of trading. Bank of America Corp. retreated 7.9 percent, the most in the S&P 500, amid concern about the lender’s capital raising plans. Computer stocks in the S&P 500 added 0.7 percent, including Hewlett-Packard Co.’s 3.6 percent advance following last week’s 27 percent plunge.