U.S. stocks fell, after a two-week rally, as Moody’s Investors Service and Fitch Ratings said last week’s summit did little to ease pressure on Europe’s struggling governments and Intel Corp. cut its revenue forecast.
Financial shares had the biggest decline among 10 groups in the Standard & Poor’s 500 Index as Morgan Stanley and Citigroup Inc. sank more than 5.3 percent. Intel dropped 4 percent as the world’s largest chipmaker said a shortage of hard-disk drives was causing computer makers to reduce orders of other parts. Alpha Natural Resources Inc. tumbled 8.8 percent, while Halliburton Co., Alcoa Inc. and Newmont Mining Corp. decreased more than 2.4 percent as commodities slumped.
