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U.S. Stocks Fall on Europe Concern, Pending Home Sales

U.S. stocks fell, after the Standard & Poor’s 500 Index yesterday rallied toward a record high, amid concern over Europe’s debt crisis and as pending American home sales slipped in February.

Banks fell as JPMorgan Chase & Co. and Citigroup Inc. lost at least 0.8 percent. Cliffs Natural Resources Inc. tumbled 14 percent after Morgan Stanley downgraded the shares. Apple Inc. slumped 2 percent after Pacific Crest predicted it would miss revenue expectations. Humana Inc. and UnitedHealth Group Inc. rose at least 1.7 percent after the U.S. Medicare program was granted authority to raise insurers’ payments. AOL Inc. surged 8.4 percent after Barclays Plc lifted the company’s rating.