Pursuits
U.S. Stocks Decline to Seven-Week Low as Fed Offsets Economy
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U.S. stocks declined, sending the Standard & Poor’s 500 Index to a seven-week low, as the Federal Reserve’s call for moderate growth offset signs of improvement in Chinese factory output and America’s housing market.
Netflix Inc. plunged 12 percent after the world’s largest online video service cut its forecast for domestic growth. Altera Corp. slumped 8.4 percent as the maker of programmable chips used in phone systems predicted sales that fell short of estimates. D.R. Horton Inc. and Toll Brothers Inc. added at least 1.5 percent to pace gains in homebuilders. Facebook Inc., the world’s biggest social networking site, surged 19 percent after reporting sales that topped analysts’ projections.