U.S. Stocks Decline From Records Amid Rate Speculation U.S. stocks fell from records, led by declines among small companies, as investors weighed valuations and speculated the Federal Reserve may raise interest rates sooner than expected. GT Advanced Technologies Inc. sank 15 percent after Canaccord Genuity Group Inc. downgraded the stock to hold from buy. Expedia Inc. slid 1.5 percent after agreeing to make a $658 million acquisition. Peabody Energy Corp. fell 3.7 percent to lead energy producers lower. PetSmart Inc. gained 2 percent after a second large shareholder prodded the company to consider selling itself. The Standard & Poor’s 500 Index fell 0.5 percent to 1,976.47 at 3:11 p.m. in New York. The Dow Jones Industrial Average (INDU) dropped 55.28 points, or 0.3 percent, to 17,012.98. The Russell 2000 Index of small companies slid 1.6 percent, the most since May. Trading in S&P 500 stocks was 7.4 percent below the 30-day average today after U.S. equities markets were closed July 4 for the Independence Day holiday. “Rates are going to go up before people expect,” Tom Stringfellow, president and chief investment officer of San Antonio-based Frost Investment Advisors LLC, which manages about $10 billion, said in a phone interview. “And when rates do go up, I expect some [...] ilinnews/u-s-stocks-decline-from-records-amid-rate-speculation/
Posted on: Mon, 07 Jul 2014 21:01:12 +0000
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