U.S. Stocks Fall as Investors Weigh Plosser Comments
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U.S. stocks retreated, following five successive records for the Standard & Poor’s 500 Index, as the Federal Reserve Bank of Philadelphia President Charles Plosser said he favors scaling back the central bank’s pace of stimulus.
Utility and telephone shares fell the most out of 10 S&P 500 groups. AT&T Inc. sank 1.3 percent, among the biggest declines in the Dow Jones Industrial Average. Monster Beverage Corp. dropped 5.2 percent after the chief executive officer said sales growth in April slowed. Precision Castparts Corp. jumped 7.6 percent for the biggest S&P 500 gain after posting earnings that topped projections.