U.S. stocks fell, after benchmark indexes climbed to records, as consumer and technology shares slumped before the government’s monthly jobs report tomorrow.
An index of biotechnology shares plunged 2.7 percent, halting a three-day rally. The Nasdaq Composite Index fell 0.9 percent after four straight gains. Barnes & Noble Inc. plunged 14 percent as investor Liberty Media Corp. said it will reduce its stake in the bookstore chain. Google Inc. Class A shares added 0.6 percent while its Class C (GOOG) shares rose 0.5 percent after stock in the largest search engine effectively split. Anadarko Petroleum Corp. surged 15 percent to a record after settling federal environmental claims.
The Standard & Poor’s 500 Index slipped 0.1 percent to 1,888.77 at 4 p.m. in New York after closing the past two days at a record. The Dow Jones Industrial Average dropped 0.45 point to 16,572.55. The gauge earlier touched an all-time high before closing within five points of its record. About 6 billion shares changed hands on U.S. exchanges, 13 percent less than the three-month average.
“The market still wants to be positive and has this feeling of goodwill, but at times it runs into a little bit of resistance,” Robert Pavlik, chief market strategist at Banyan Partners LLC, which manages $4.5 billion, said in a phone interview. “Nobody wants to buy at an all-time high, and that’s where we are. People are a little bit more cautious. As we get closer to the payroll report, we’ll be in wait and see mode.”
Bloomberg
