S&P 500 Falls After 7-Day Rally Drove Index Toward Record
This article is for subscribers only.
Most U.S. stocks fell as the Standard & Poor’s 500 Index snapped a seven-day rally that drove the benchmark gauge to within nine points of its record high.
Apple Inc. slumped 2.2 percent as IDC predicted the company will lose market share in the tablet market. Citigroup Inc. dropped 1.4 percent as financial shares retreated amid speculation bank debt will face scrutiny by the Basel Committee on Banking Supervision. Costco Wholesale Corp., the largest U.S. warehouse-club chain, gained 1.3 percent after second-quarter profit rose 39 percent.