U.S. Stocks Retreat on Federal Budget Deadline Concern
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U.S. stocks fell, after the biggest tumble in five weeks for the Standard & Poor’s 500 Index, amid concern that President Barack Obama and Congress will fail to agree on a budget by the end of the year.
Seven out of 10 groups in the S&P 500 slumped. Hewlett-Packard Co. led losses among the biggest U.S. companies. Chevron Corp. slid 1 percent as energy companies fell. Research In Motion Ltd. erased 2.8 percent, after the largest drop since 2008 on Dec. 21. J.C. Penney & Co. and Home Depot Inc. paced gains with consumer discretionary stocks as shoppers made last-minute dashes to buy gifts.