U.S. stocks declined following the Standard & Poor’s 500 Index’s longest winning streak since October, as investors moved past the Federal Reserve’s interest-rate increase and returned their focus to weakness in commodities and prospects for global growth.
A stronger dollar in the wake of the Fed’s move weighed on energy and raw-material shares, while crude oil fell for a second day. Cereal maker General Mills Inc. sank 3.3 percent after its quarterly results missed estimates, and Oracle Corp. slumped after its revenue missed analysts’ estimates. FedEx Corp. gained 2.9 percent after its earnings beat analysts’ targets.
The S&P 500 fell 1.2 percent to 2,049.23 at 12:52 p.m. in New York, paring an advance this week that previously had the gauge up 3 percent. The index extended declines after falling below its average prices during the past 50 and 200 days. The Dow Jones Industrial Average lost 170.74 points, or 1 percent, to 17,578.35. The Nasdaq Composite Index declined 0.9 percent.