U.S. Stocks Fall on Europe Woes After Last Week’s Rally
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U.S. stocks fell, pulling the Standard & Poor’s 500 Index down from the highest level since 2007, as European finance chiefs deadlocked at debt-crisis talks and New York-area manufacturing slumped.
Bank of America Corp. and Morgan Stanley slid more than 2.4 percent after two weeks of gains. Alcoa Inc. tumbled 2.6 percent as commodity shares plunged. Cliffs Natural Resources Inc. lost 7 percent after its rating was cut by JPMorgan Chase & Co. Apple Inc. gained 1.2 percent as pre-orders of its iPhone 5 topped 2 million units in one day. Office Depot Inc. rose 5.3 percent after Starboard Value LP took a stake in the company.