Pursuits
U.S. Stocks Fall as Retailers Slump Amid Budget Deadline
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U.S. stocks fell, sending the Standard & Poor’s 500 Index lower for a third day, as President Barack Obama and Congress prepared to resume budget talks and retailers slumped after the Christmas holiday.
Nine out of 10 groups in the S&P 500 retreated. Coach Inc. and Ralph Lauren Corp. declined at least 3.3 percent as consumer discretionary stocks fell. Apple Inc., the world’s most valuable company, slipped 1.4 percent as technology shares tumbled. Cliffs Natural Resources Inc. gained 2 percent as raw-material stocks advanced amid speculation Japan’s new government will act to bolster the economy.