U.S. stocks fell the most in three weeks, as better-than-forecast economic data and comments by Federal Reserve officials bolstered bets for an interest-rate increase this year.
The Standard & Poor’s 500 Index declined 1 percent to 2,104.32 at 4 p.m. in New York, after a third straight weekly advance. The Dow Jones Industrial Average ended a six-session stretch without a 100-point intraday swing, the longest in almost a year.
Better-than-estimated increases in capital goods orders and new-home sales came after Federal Reserve Chair Janet Yellen indicated the central bank will raise borrowing costs this year if the economy improves as she expects. Fed Bank of Cleveland President Loretta Mester echoed her comments on Monday, saying the U.S. economy is close to the point where it can support higher rates.
Source : Bloomberg