U.S. Stocks Extend Losses as Wal-Mart Leads Dow Average Lower

U.S. stocks retreated, with the Standard & Poor’s 500 Index retreating from a five-year high, as Wal-Mart Stores Inc. plunged after e-mails showed the company had the worst sales start to a month in seven years.

The S&P 500 lost 0.3 percent to 1,516.43 at 2:22 p.m. in New York and the Dow Jones Industrial Average fell 38.09 points to 13,935.3.

Wal-Mart sank 3.4 percent after e-mails obtained by Bloomberg News showed company executives believe payroll-tax increases hit shoppers already battling a slow economy.