U.S. Stocks Fall Amid Growing Speculation on Fed Cuts
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U.S. stocks declined, giving the Standard & Poor’s 500 Index its first three-day drop since June 12, amid growing speculation the Federal Reserve will pare bond purchases this year as the economy strengthens.
Bank of America Corp. declined 0.8 percent after the Department of Justice yesterday accused the company in a lawsuit of misleading investors. Walt Disney Co. dropped 1.7 percent after quarterly profit stalled on lower earnings from films and weaker revenue at its ABC network. Time Warner Inc. fell 0.4 percent, erasing an earlier gain after an analyst downgraded the shares.