U.S. stocks fell, after benchmark indexes climbed to record levels, as lower profit from American International Group Inc. dragged down financial shares.

U.S. Stocks

U.S. Stocks Decline as AIG Earnings Drag Financial Shares Lower

AIG fell 1.2 percent after saying rising claims costs contributed to a 27 percent drop in profit.

The S&P 500 retreated 0.3 percent to 1,879.65 at 9:33 a.m. in New York.

U.S. stocks rose yesterday as an expansion in American service industries offset concern over growth in China and political tensions in Ukraine. The Dow Jones Industrial Average last week climbed to an all-time high as earnings topped forecasts and the Federal Reserve said it would further trim bond purchases as the economy gains momentum. The S&P 500 briefly climbed above its highest closing price on May 2, as data showed U.S. payrolls rose the most since 2012.

The S&P 500 is up 1.7 percent for the year, while the Dow is down 0.6 percent. The Nasdaq Composite Index has lost 1.2 percent.

 

Copy Source: Bloomberg