U.S. Stocks Fall as Early Rally Fades Before Fed Decision

The Dow Jones Industrial Average lost 67.16 points
U.S. Stocks Fall as Early Rally Fades Before Fed Decision

Image Credits: Eva K. / Wiki

by Lu Wang | Bloomberg | July 30, 2014


U.S. stocks fell for a second day as an early rally sparked by better-than-forecast economic growth faded before a Federal Reserve decision on monetary policy.

Genworth Financial Inc. lost 10 percent as higher-than-estimated claims costs at its long-term care insurance unit prompted a company review of whether its reserves are adequate. Twitter Inc. (TWTR:US) soared 21 percent as results beat estimates and the company boosted its annual sales projection. Amgen Inc. (AMGN:US) and Regeneron Pharmaceuticals Inc. led a rally in biotechnology shares.

The Standard & Poor’s 500 Index (SPX) fell 0.2 percent to 1,966.43 at 11:12 a.m. in New York, after rising as much as 0.5 percent earlier. The Dow Jones Industrial Average lost 67.16 points, or 0.4 percent, to 16,844.95. The Nasdaq 100 Index increased 0.2 percent.

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