U.S. Stocks Little Changed on China as VIX Hits 5-Year L
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U.S. stocks were little changed, after the Standard & Poor’s 500 Index rose to a five-year high, as banks slumped and China’s inflation grew. The Chicago Board Options Exchange Volatility Index fell to the lowest since 2007.
Banks had the biggest loss among 24 groups in the S&P 500 as Wells Fargo & Co., the largest U.S. home lender, slid 0.9 percent after margins narrowed and mortgage applications waned. Boeing Co. fell 2.5 percent as U.S. regulators said they will perform a review of the 787 Dreamliner after a fire on a Japan Airlines Co. jet. Best Buy Co., the consumer-electronics retailer that founder Richard Schulze is trying to take over, rose 16 percent as U.S. sales stabilized in the holiday season.