Most U.S. stocks fell following six straight gains for the Standard & Poor’s 500 Index as earnings disappointed investors at companies from MBIA Inc. and Fluor Corp. to Electronic Arts Inc.

MBIA, the world’s largest bond guarantor, tumbled 27 percent after posting a $727.8 million loss on insured credit derivatives. Fluor sank 7.6 percent as the engineering firm cut its full-year profit forecast, while Electronic Arts sank 6.4 percent following its 11th straight quarterly loss. The Dow Jones Industrial Average climbed to a 13-month high for a second day as American Express Co. and Bank of America Corp. rallied.

Eight stocks dropped for every five that rose on the New York Stock Exchange. The S&P 500 slipped less than 0.1 percent to 1,093.01 at 4:06 p.m. in New York after rallying 2.2 percent yesterday. The Dow increased 20.03 points, or 0.2 percent, to 10,246.97 for its highest close since Oct. 3, 2008.

The S&P 500 climbed as much as 0.3 percent in the first hour of trading today, bringing the gauge within 1.5 points of its one-year high on Oct. 19. The index hasn’t advanced for seven straight days since 2006. The S&P 500 is down 30 percent from its 2007 peak even after rebounding 62 percent from a 12- year low in March.

(Bloomberg.com)