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S&P 500 Falls Most Since November Amid Valuation Concern

U.S. stocks fell, sending the Standard & Poor’s 500 Index to its biggest loss in two months, amid concern over valuations after benchmark indexes rallied to all-time highs in 2013.

Companies from Microsoft Corp. to Nike Inc. and Walt Disney Co. dropped more than 2 percent, with all 10 main industries in the S&P 500 declining. Lululemon Athletica Inc. slumped 17 percent after the sportswear maker lowered its profit and sales forecast. Intercept Pharmaceuticals Inc. plunged 18 percent after the stock soared sixfold last week. Beam Inc. jumped 25 percent after Suntory Holdings Ltd. said it will acquire the spirits maker in a $16 billion deal.