S&P 500 Falls Most in 2 Weeks After Fed Policy Statement
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The Standard & Poor’s 500 Index retreated the most in two weeks as Federal Reserve Chairman Ben S. Bernanke said the central bank may reduce bond purchases later this year as the economy strengthens.
All 10 groups in the S&P 500 fell, with telephone and utility shares leading losses. Verizon Communications Inc. and Travelers Cos. tumbled at least 2.2 percent, pacing declines among the largest companies. Sprint Nextel Corp. declined 4.4 percent after Dish Network Corp. said it won’t make a new offer for the mobile-phone carrier by a deadline. Adobe Systems Inc. rose 5.6 percent after reporting second-quarter profit that topped forecasts.