U.S. stocks decline as ECB overshadows jobless claims report

Banks Tumble

Measures of financial and energy shares in the S&P 500 dropped at least 1.2 percent for the biggest declines among 10 groups. JPMorgan tumbled 4.2 percent, the most in the Dow, to $34.38. Bank of America Corp. fell 2.1 percent to $7.89. Anadarko Petroleum, an independent oil and natural-gas producer, slumped 3.2 percent to $66.82.

Target and Macy’s Inc. posted June same-store sales that trailed analysts’ estimates as consumer confidence in the U.S. cooled and retailers focused on clearing inventory before the back-to-school shopping season. Sales at TJX Cos., which owns discount stores T.J. Maxx and Marshalls, and at Limited Brands, the parent company of Victoria’s Secret, beat estimates.

Target, the second-largest U.S. discount chain, lost 1.2 percent to $57.11. Macy’s, the second-biggest U.S. department- store chain, rose 2.6 percent to $34.24. TJX rallied 3.9 percent to $44.14. Limited Brands jumped 5.5 percent to $46.58.

Advanced Micro Devices lost 3 percent to $5.85. The company was downgraded to neutral from buy at Sterne, Agee & Leach by equity analyst Vijay Rakesh. The 12-month share-price estimate is $8.50.

Bloomberg News

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