Economics
U.S. Stocks Slip Amid Earnings Reports, Consumer Spending Data
- Equities post worst weekly declines since February selloff
- Apple weighs on tech for second day; Amazon jumps on earnings
Unloved Bull Market Celebrates Historic Milestone
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U.S. stocks fell, with the S&P 500 posting the worst two-day drop since February, amid lackluster earnings and few signs of a pickup in economic growth.
Equities rebounded sharply in the final hour of trading, with the major indexes cutting their worst losses by more than half. Corporate reports jostled stocks, as Gilead Sciences Inc. retreated 9.1 percent, the biggest drag on the benchmark after its profit missed estimates. Apple Inc. slumped for a seventh session a day after Carl Icahn said he cashed out his stake in the company. Amazon.com Inc. surged 9.6 percent after posting better-than-estimated results.