U.S. Stocks Fall as Fed Maintains Program After Economy Shrinks
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U.S. stocks fell, dragging benchmark indexes from five-year highs, as the Federal Reserve said it will maintain its program to buy securities after the economy unexpectedly shrank in the fourth quarter.
Nine out of the 10 groups in the Standard & Poor’s 500 Index retreated as energy and industrial companies fell the most, dropping at least 0.6 percent. An index of homebuilders slipped 1.3 percent as Lennar Corp. declined 2.4 percent. Amazon.com Inc. jumped 4.8 percent after reporting gains in sales and North American operating margin. Facebook Inc. fell