U.S. Stocks Fall as Wal-Mart Tumbles Amid Economic Data

Lu Wang and Leslie Picker
businessweek.com
February 15, 2013

U.S. stocks fell, after the Standard & Poor’s 500 Index reached a five-year high, as Wal-Mart Stores Inc. tumbled and investors weighed data on consumer confidence and manufacturing amid a meeting by Group of 20 officials.

Wal-Mart slipped 2.8 percent amid the worst sales start of a month in seven years. Agilent Technologies Inc. fell 4.6 percent after cutting its full-year forecast. CBS Corp. climbed 2.5 percent after forecasting growth in licensing fees and an increase in its share buybacks. MeadWestvaco Corp. rallied 10 percent after Nelson Peltz’s Trian Fund Management LP took a stake in the packaging company.

The S&P 500 Index fell 0.4 percent to 1,515 at 2:44 p.m. in New York. The Dow Jones Industrial Average lost 58.40 points, or 0.4 percent, to 13,914.99. Trading in S&P 500 companies was 13 percent above the 30-day average at this time of day, before options on stocks, equity indexes and exchange-traded products expire. The market is closed Monday for Presidents Day.

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This article was posted: Friday, February 15, 2013 at 2:17 pm

Tags: domestic news, economics

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