Pursuits
U.S. Stocks Fall as Confidence Drops Before Fed Speech
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U.S. stocks fell, following yesterday’s drop in the Standard & Poor’s 500 Index, as investors watched economic reports ahead of Federal Reserve Chairman Ben S. Bernanke’s speech on the economy in three days.
KLA-Tencor Corp., a maker of machinery used in the production of semiconductors, slumped 2.5 percent after Deutsche Bank AG cut its rating. Lexmark International Inc. surged 14 percent after the printer maker said it plans to cut 1,700 jobs and shut a factory in the Philippines as it explores a sale of its inkjet technology. H.J. Heinz Co. advanced 1.7 percent after reporting preliminary profit that topped analysts’ estimates.