Phone companies and commodity producers retreated the most out of 10 S&P 500 groups. Valero Energy Corp. fell 4.7 percent to $43.42. Cliffs Natural Resources Inc. sank 4.9 percent to $22.73 for the biggest decline in the benchmark index. U.S. Steel Corp. slid 3.1 percent to $20.04.
Spectrum Pharmaceuticals Inc., a maker of cancer medicines, plunged 37 percent to $7.79 as the Henderson, Nevada-based drugmaker said 2013 revenue will be $160 million to $180 million. Analysts had anticipated total sales of $297 million, according to the average of five estimates compiled by Bloomberg.
Express Inc. dropped 3.2 percent to $18.25. The clothing retailer forecast first-quarter earnings of 38 cents a share at most, less than the average analyst estimate of 46 cents. Its full-year earnings forecast also fell short of analyst expectations.
The rally that pushed the S&P 500 toward a record is poised to pause after faltering yesterday, judging by trading patterns, according to DZ Bank AG.
The five-day relative-strength index for the benchmark, representing the number of trading days in a week, was 74.6 yesterday after reaching 84.8 the day before. The index measures the velocity of price changes to identify overbought or oversold conditions and turning points. Readings above 70 indicate prices will probably fall.
“The RSI is just starting to turn down,” said Andy Cossor, a Hong Kong-based strategist at Germany’s fourth-largest lender. “The S&P 500 has had a good run this year, and it looks as if it needs to take a breath.”
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