U.S. Stocks Decline as Europe, Banks Offset Economy
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U.S. stocks fell, giving the Standard & Poor’s 500 Index its biggest weekly drop in four months, as a slump in European and financial shares overshadowed an unexpected jump in consumer confidence.
JPMorgan Chase & Co. and Bank of America Corp. paced declines among financial companies, which had the biggest loss out of 10 S&P 500 groups. Wells Fargo & Co. slid 2.6 percent after reporting a record third-quarter profit that was marred by narrower profit margins. Advanced Micro Devices Inc. slid 14 percent after cutting its third-quarter revenue forecast.