U.S. Stocks Decline From Two-Month High Amid Budget Negotiations
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U.S. stocks fell, pulling the Standard & Poor’s 500 Index down from a two-month high, as deteriorating federal budget negotiations fueled concern that automatic tax increases and spending cuts will be triggered.
Alcoa Inc. fell 3 percent as Moody’s Investors Service placed the aluminum producer’s credit rating under review for a downgrade. Consumer-staples, health-care and phone stocks lost more than 1 percent for the worst performance among 10 S&P 500 groups. General Motors Co. jumped 6.6 percent on plans to purchase 200 million shares from the government. Knight Capital Group Inc. rose 5.4 percent on plans to be bought by Getco LLC.