Most U.S. stocks fell for a third day as stronger-than-forecast demand in a Treasury auction and an unexpected drop in consumer confidence spurred concern investors are questioning the strength of the economic recovery.

Alcoa Inc., Walt Disney Co. and Hewlett-Packard Co. lost at least 1.1 percent after the Conference Board’s gauge of sentiment trailed estimates and its measure of employment availability slumped to a 26-year low. International Business Machines Corp. helped lead the market higher earlier after its board approved $5 billion in buyback funds. Treasuries rose following the record $44 billion auction of two-year notes.

More than two stocks retreated for each that gained on the New York Stock Exchange. The Standard & Poor’s 500 Index slipped 0.3 percent to 1,063.41 at 4:03 p.m. in New York. The Dow Jones Industrial Average increased 14.21 points, or 0.1 percent, to 9,882.17 as IBM gained and Exxon Mobil Corp. and Chevron Corp. climbed on a rebound in oil. The Nasdaq Composite slid 1.2 percent as Baidu Inc. and Wynn Resorts Ltd. tumbled 11 percent.

(Bloomberg.com)