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.