Economics
U.S. Stocks Decline After S&P 500 Rallies to Highest Since 2008
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U.S. stocks retreated, trimming a weekly advance for the Standard & Poor’s 500 Index, amid concern that a rally that drove the benchmark gauge to the highest level since 2008 has outpaced global economic growth prospects.
Energy, industrial and financial shares had the biggest declines among 10 groups in the S&P 500. Anadarko Petroleum Corp., Cummins Inc. and Morgan Stanley slid more than 1.6 percent to pace losses among the largest companies. Big Lots Inc. fell 4 percent as sales missed estimates. Yelp Inc., the site that lets users review everything from diners to dentists, gained as much as 73 percent in its first day of trading.