U.S. Stocks Fall Amid Concern Over Stimulus Efforts
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U.S. stocks declined, erasing earlier gains after benchmark indexes approached five-year highs, amid concern that global stimulus measures won’t be enough to boost growth at the world’s largest economy.
Apple Inc. dropped 2.5 percent, extending a two-day decline to 3.8 percent, the most since July. Caterpillar Inc., the world’s biggest construction and mining equipment maker, slumped 4.3 percent after cutting its forecast for 2015 earnings. Staples Inc., the largest U.S. office supplies chain, decreased 4.5 percent after announcing plans to close stores. Red Hat Inc., the largest seller of the open-source Linux operating system, lost 4.3 percent amid disappointing earnings.