Pursuits
U.S. Stocks Fall After S&P 500 Rallies to Four-Year High
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U.S. stocks retreated as a report showing American consumer confidence near the strongest level in a year failed to encourage investors after the Standard & Poor’s 500 Index advanced to an almost four-year high.
Losses accelerated in the final 15 minutes of trading as financial companies slumped. Bank of America Corp. lost 3.3 percent as Robert W. Baird & Co. cut its rating. Apollo Group Inc. fell 8.5 percent on new enrollment concern. Homebuilder Lennar Corp. surged 4.7 percent amid better-than-estimated earnings. Pfizer Inc. added 1.5 percent as Goldman Sachs Group Inc. raised the possibility of a full breakup of the company.