Pursuits
U.S. Stocks Decline on Apple Amid Government Budget Discussions
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U.S. stocks fell, extending yesterday’s drop, as a slump in Apple Inc. and the federal budget stalemate offset an increase in industrial production and data showing China’s manufacturing may expand at a faster pace.
Apple, the most valuable company, sank 3.8 percent as UBS AG cut its share-price estimate. Best Buy Co. slumped 15 percent after extending founder Richard Schulze’s deadline to make an offer to take the company private. Smith & Wesson Holding Corp. slumped 4.3 percent as the killing of children at a Connecticut elementary school spurred speculation of tighter gun-control laws. U.S. Steel Corp. and Alcoa Inc. added more than 1.7 percent to pace gains in commodity companies.