U.S. stocks fell for a fifth straight day as banks and Best Buy Co. slid amid corporate earnings to overshadow gains in mining companies.
Bank of America Corp. and Citigroup Inc. fell at least 2.5 percent as both banks reported a drop in fourth-quarter profit as revenue from fixed-income trading declined. Best Buy tumbled 13 percent as the largest electronics retailer warned that price pressure and sluggish demand may hamper results in the coming year. A gauge of homebuilders plunged the most since July 2013. Newmont Mining Corp. jumped 7.9 percent as copper rebounded.
Equity futures fluctuated earlier in the day after Switzerland™s central bank unexpectedly gave up its minimum exchange rate.
The S&P 500 fell 0.4 percent to 2,003.10 as of 12:02 p.m. in New York. The Dow Jones Industrial Average lost 57.83 points, or 0.3 percent, to 17,369.26. Trading in S&P 500 companies was 32 percent above the 30-day average for this time of the day.
A decline in American retail sales combined with a slump in copper prices weighed on stock markets yesterday, causing the S&P 500 to have its worst start to the year since 2009. The benchmark gauge is down 2.5 percent over the past five days.