Pursuits
U.S. Stocks Decline as Fed Refrains From Additional Stimulus
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U.S. stocks retreated, reversing an earlier advance for the Standard & Poor’s 500 Index, after Federal Reserve policy makers refrained from taking new actions to bolster growth at the world’s largest economy.
Nine out of 10 groups in the S&P 500 declined, led by companies most-dependent on economic growth. Sears Holdings Corp., Alcoa Inc. and Bank of America Corp. slumped at least 2.3 percent. Best Buy Co., the largest consumer-electronics retailer, tumbled 15 percent as discounts hurt gross margin. Amazon.com Inc. dropped 4.8 percent as Goldman Sachs Group Inc. said estimates for the biggest Internet retailer need to fall.