Cisco Systems Inc., Verizon Communications Inc. and UnitedHealth Group Inc.. lost at least 1.4% to lead declines in the Dow Jones Industrial Average. Target Corp. slid 4.7% after profit fell 29% as higher taxes and cooler temperatures hampered sales.
Pfizer Inc. rallied 2.1% after offering investors a share exchange to reduce its stake in Zoetis Inc. Saks Inc. soared 14% after people with knowledge of the matter said the retailer has hired Goldman Sachs Group Inc. to explore options including a sale. Toll Brothers Inc. jumped 3.4% after beating analysts’ earnings estimates.
An S&P gauge of homebuilders fell 0.7%, erasing an earlier 3.4% rally. Sales of previously owned U.S. homes increased in April to the highest level in more than three years as housing continued to gain momentum. Purchases of existing houses rose 0.6% to an annual rate of 4.97 million, the most since November 2009, the National Association of Realtors reported. The median forecast of 79 economists surveyed by Bloomberg called for a pickup to a 4.99 million pace.
The Stoxx Europe 600 Index climbed 0.2% to the highest level in almost five years, with commodity producers, health-care companies and retailers leading gains.
The MSCI Emerging Markets Index retreated 0.2% as declines in markets in Asia, Argentina and Mexico overshadowed a 1.7% jump in Hungary’s benchmark index and 1.4% rally in Russia. The Hang Seng China Enterprises Index of mainland companies listed in Hong Kong fell 0.3%, led by an 8.3% drop in Huaneng Power International Inc. after Citigroup Inc. cut its recommendation on concern tariffs may fall. Volume on the Hang Seng Index was 7.3% below the 30-day average after a storm shut the market in the morning.
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