U.S. stocks fell, after benchmark indexes closed at records yesterday, as energy shares slumped and the European Central Bank said it will wait until next quarter before considering additional stimulus measures.
Exxon Mobil Corp. and Chevron Corp. slid at least 1.5 percent for the biggest losses in the Dow Jones Industrial Average. Microsoft Corp. rose 1.4 percent as Barnes & Noble Inc. said it will buy back the companys stake in its Nook business.
The Standard & Poors 500 fell 0.3 percent to 2,068.42 at 11:57 a.m. in New York. The Dow slipped 53.67 points, or 0.3 percent, to 17,858.95. Trading in S&P 500 companies was 10 percent below the 30-day average for this time of the day.
Equities fell as ECB President Mario Draghi said policy makers will wait until next quarter before assessing if additional stimulus measures are needed. His comments damped speculation the central bank was poised to start a program of sovereign-debt purchases known as quantitative easing, or QE.
Draghi also unveiled œsubstantially lower forecasts for inflation and growth. With euro-area inflation well below the ECBs target, Draghi has warned of a deflationary spiral of falling prices and households postponing spending. While he pledged last month to raise inflation œas fast as possible, multiple policy makers have since urged a wait-and-see approach to gauge the effect of current stimulus.
Source : Bloomberg