U.S. Stocks Fall on Concern Fed Will Scale Back Stimulus

U.S. stocks fell, with benchmark indexes retreating from record highs, as concern grew that the Federal Reserve will scale back its stimulus efforts if the labor market continues to improve.

All 10 industries in the Standard & Poor’s 500 Index declined. Utility, commodity and phone stocks sank the most, losing at least 1.2 percent. Target Corp. slid 4 percent after profit fell 29 percent as higher taxes and cooler temperatures hampered sales. Saks Inc. soared 15 percent as the retailer was said to have hired Goldman Sachs Group Inc. to explore options including a sale. Hewlett-Packard Co. jumped 13 percent after the market closed as it forecast earnings that topped estimates.