U.S. stocks fell, extending the weeks decline for the Standard & Poors 500 Index, as energy shares renewed a selloff after OPEC cut its forecast on 2015 demand for crude.
ConocoPhillips, Exxon Mobil Corp. and Chevron Corp. lost more than 2.2 percent. The five worst performers in the S&P 500 were energy companies. Yum! Brands Inc. sank 4.8 percent after cutting its 2014 profit forecast amid a health scare in China. American Airlines Group Inc. and United Continental Holdings Inc. rose at least 2.9 percent after an industry group said global airlines will make record profit next year.
The S&P 500 lost 0.8 percent to 2,044.06 at 12:58 p.m. in New York. The benchmark gauge has slumped 1.5 percent over the past three days, after reaching a record on Dec. 5. The Dow Jones Industrial Average dropped 151.59 points, or 0.9 percent, to 17,649.61. Trading in S&P 500 companies was 5.8 percent above the 30-day average for this time of the day.
The S&P 500 closed little changed yesterday after reversing a loss of as much as 1.3 percent. The gauge has jumped 11 percent in 2014, heading for a third year of gains, fueled by better-than-forecast economic data and corporate earnings.
Source : Bloomberg