U.S. Stocks Fall as Rate Bets Boosted

U.S. stocks fell the most in three weeks, as better-than-forecast economic data and comments by Federal Reserve officials bolstered bets for an interest-rate increase this year.

Energy and raw-material companies retreated as the dollar jumped, while Apple Inc. and Intel Corp. paced a drop in technology shares. Hewlett-Packard Co. decreased 4 percent, and Google Inc. lost 1.4 percent. Time Warner Cable Inc. added 7.3 percent after Charter Communications Inc. agreed to buy the cable provider for about $55 billion in cash and stock. Cablevision Systems Corp. climbed 3.5 percent.

The Standard & Poor’s 500 Index declined 1 percent to 2,104.20 at 4 p.m. in New York, after a third straight weekly advance. The Dow Jones Industrial Average sank 190.48 points, or 1 percent, to 18,041.54. The Dow ended a six-session stretch without a 100-point intraday swing, the longest in almost a year. The Nasdaq Composite Index lost 1.1 percent.

Bloomberg

Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.