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U.S. Stocks Fall


U.S. stocks fell, led by commodity producers and retailers, after four straight weeks of gains left the Standard & Poor’s 500 Index trading at the highest level relative to earnings since 2004. European equities also dropped, while Treasuries rose for the first time in six days.

The S&P 500 slipped from a 10-month high, retreating 0.3 percent to 1,007.1 as of 4:05 p.m. in New York. The Dow average fell 32.12 points, or 0.3 percent, to 9,337.95. Four stocks fell for every three that rose on the New York Stock Exchange.

The S&P 500 climbed 2.3 percent last week, rising above 1,000 for the first time since November, as better-than- estimated employment, manufacturing and home-sales data boosted confidence that the recession is ending. The index jumped 49 percent from a 12-year low on March 9 through last week, the steepest surge since the Great Depression, as three quarters of its companies that posted second-quarter earnings beat consensus analyst estimates.

(Bloomberg.com)



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