U.S. stocks fluctuated, following a seven-day win streak for the Standard & Poor’s 500 Index, as materials producers plunged while investors weighed the prospects for Federal Reserve stimulus cuts and watched developments on Syria.
The S&P 500 fell 0.2% to 1,686.66, on track to end the longest streak of gains since July. The Dow Jones Industrial Average rose 2.65 points, or less than 0.1%, to 15,329.25.
The S&P 500 rallied 3.4% in September through yesterday, rebounding from the worst monthly loss since May 2012, as reports showed China’s economy has strengthened, while concern abated that the U.S. will soon bomb Syria.
U.S. Secretary of State John Kerry arrived in Geneva today for at least two days of talks with his Russian counterpart on a proposal for Syria to surrender its chemical weapons. The U.S. and allies blame the regime of Bashar al-Assad for a chemical-weapons attack on Aug. 21 that the U.S. says killed more than 1,400 people near Damascus.
Economists estimate the Fed this month will taper its monthly bond buying by $10 billion, to $75 billion, according to the median of 34 responses in a Bloomberg News survey. The stimulus has helped the S&P 500 (SPX) rally as much as 153 percent since the beginning of the bull market in March 2009.
Gauges of materials producers and financial companies fell the most among the 10 main industry groups in the S&P 500. JPMorgan Chase & Co. slid 1.7% for the worst performance in the Dow.
Silver dropped the most in 11 weeks and gold slipped to a four-week low as a report showed euro-area industrial output contracted more than analysts estimated in July. Copper fell to a one-month low.
Barrick Gold Corp. dropped 4.5% as the precious metal slumped the most in nine weeks.
Newmont Mining Corp. (NEM), the largest U.S. gold producer, lost 3.5%$.
Lululemon Athletica Inc. (LULU) tumbled 3.4% after cutting its earnings forecast.
Walt Disney Co. rallied 2.9% after saying it would buy back as much as $8 billion in shares.
Pandora Media Inc. jumped 13% after naming digital-advertising veteran Brian McAndrews as its new chief executive officer.
Phone stocks rallied the most in the S&P 500, adding 1.2%. AT&T Inc. jumped 1.3% and Verizon Communications Inc. rose 2% to pace gains among Dow companies.
Stocks will continue to rally as the bull market in equities moves into a new phase driven by earnings growth rather than expanding valuations, according to strategists at Goldman Sachs Group Inc.
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