Economics
U.S. Stocks Decline as Lawmakers Fail to Reach Debt Deal
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U.S. stocks dropped, following a four-day rally in the Standard & Poor’s 500 Index, as lawmakers failed to reach an agreement to extend the government’s borrowing limit less than two days before the deadline.
Citigroup Inc. dropped 1.5 percent as its profit fell short of analysts’ estimates. Teradata Corp. declined 18 percent after the computer-data storage company’s earnings missed projections. Flir Systems Inc. dropped 14 percent after preliminary earnings fell short of analyst estimates. FedEx Corp. jumped 4.1 percent after the world’s largest cargo airline operator announced a share repurchase program.