U.S. stocks fell, with the Standard & Poor’s 500 Index poised for the longest retreat in a month, as financial shares slumped and investors watched speeches from Federal Reserve officials for clues on monetary policies.
The S&P 500 retreated 0.3% to 1,704.10. The benchmark gauge has lost 1.3% over three days, giving back all its gains from the Fed’s unexpected move last week to maintain stimulus levels.
The Dow Jones Industrial Average slipped 29.13 points, or 0.2 percent, to 15,421.96.,
Three regional bank presidents spoke today. Fed Bank of New York President William C. Dudley said policy makers must “forcefully” push against economic headwinds as the U.S. has yet to show “any meaningful pickup” in momentum. Fed Bank of Atlanta President Dennis Lockhart said monetary policy should focus on creating a more dynamic economy. Fed Bank of Dallas President Richard Fisher said the central bank harmed its credibility with the decision last week.
“The more people who speak from the Fed in one day, the less clarity there is,” Richard Sichel, who oversees about $1.9 billion as chief investment officer at Philadelphia Trust Co., said by phone.Even as investors focus on the Fed’s policies, a risk is rising from another corner of Washington. Hardening positions on the federal budget and borrowing limit, and recent political setbacks suffered by both President Barack Obama and Republican congressional leaders as they go into the fight, are raising the odds of a government shutdown, debt default or near-miss that could roil equities markets.
Goldman Sachs Group Inc. and Citigroup Inc. declined more than 2.2% as Atlantic Equities LLP forecast a drop in fixed-income trading revenue for the biggest U.S. banks.
Homebuilders slipped 1.1% as a group before Lennar Corp. and KB Home report earnings tomorrow.
Apple Inc. surged 4.9% after saying first-weekend sales of its new iPhones topped 9 million units.
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