U.S. Stocks Decline After S&P Rally on Fed Statement
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U.S. stocks fell after the Standard & Poor’s 500 Index rallied to a record yesterday on the Federal Reserve’s decision to refrain from cutting stimulus as investors weighed the latest batch of economic reports.
ConAgra Foods Inc. lost 4 percent after first-quarter sales missed estimates. Walt Disney Co. dropped 2.1 percent as Morgan Stanley downgraded the shares. Apple Inc. gained 1.6 percent as the iPhone maker rose for the third straight day. Priceline.com Inc., the largest U.S. online travel agency by market value, closed above $1,000 for the first time. Rite Aid Corp. surged 23 percent as the drugstore chain raised its profit forecast.