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U.S. stocks fall as economists predict Fed will reduce stimulus

By Nick Taborek and Lu Wang, Bloomberg

August 14, 2013 • Reprints

U.S. stocks fell, sending the Standard & Poor’s 500 Index lower for the sixth time in eight days, after economists predicted the Federal Reserve will reduce stimulus in September as European data added to signs that the global economy is strengthening.

Macy’s Inc. fell 4.5% as the department-store chain cut its profit forecast after weaker-than-estimated sales. Homebuilders and utility stocks slumped amid rising bond yields. Apple Inc. rose 1.8%, extending a rally after billionaire investor Carl Icahn said yesterday he’s a shareholder.

The S&P 500 lost 0.5% to 1,685.39 at 4 p.m. in New York, the lowest level since July 29. The benchmark gauge has dropped 1.4% since a record high on Aug. 2. The Dow Jones Industrial Average declined 113.35 points, or 0.7%, to 15,337.66, the lowest since July 10. About 5.4 billion shares changed hands on U.S. exchanges, 14% below the three- month average.

“The market is scope-locked on Fed tapering in September,” Douglas Cote, chief market strategist at ING U.S. Investment Management in New York, said in a telephone interview. His firm oversees $190 billion. “Quantitative easing is creating some excess in the financial system. The last thing Bernanke wants when he finishes his term is to be responsible for the next bubble.”

The S&P 500 has fallen from a record high this month on growing speculation the Fed will pare stimulus, or quantitative easing, this year. Central bank stimulus helped propel the S&P 500 up more than 150% from its bear-market low in 2009.

Fed Stimulus

The Fed, led by Chairman Ben S. Bernanke, will probably reduce its $85 billion in monthly bond purchases at its meeting on Sept. 17-18, according to 65% of economists surveyed by Bloomberg from Aug. 9 to Aug. 13. In a survey last month, half of economists predicted a reduction at next month’s meeting.

A report today showed wholesale prices in the U.S. were little changed in July, reflecting the biggest drop in auto costs in four years. Fed policy makers continue to see inflation running below the central bank’s 2% goal even as the expansion picks up in the second half of the year.

Separate data showed the euro area’s economy emerged from a record-long recession in the second quarter, led by Germany and France. Gross domestic product expanded 0.3% after a 0.3% contraction in the first quarter, the European Union’s statistics office said.

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US Federal Reserve 8527bank 6455Bloomberg 5254fed 3336financials 2975European Union 2864S&P 500 2462stocks 2123Standard & Poor 2008equities 1689Federal Reserve 1207Stock indexes 843Federal Open Market Committee 773Qe 751Ben S. Bernanke 751Ben S 613Massachusetts 585Stimulus 475Apple Inc. 326policy makers 323John Paulson 199James Bullard 190Newmont Mining Corp. 187Gross domestic product 184Richard Fisher 128Kentucky 123Charles Evans 121Freeport-McMoRan Copper & Gold Inc. 102Dennis Lockhart 101telecommunications 82Paulson & Co. 81U.S. Justice Department 78Boeing Co. 74Home Depot Inc. 61PulteGroup Inc. 59Sandra Pianalto 47Carl Icahn 45Cliffs Natural Resources Inc. 42D.R. Horton Inc. 42bank stimulus 39Fed Bank 25Bullard 20Fed Bank of Atlanta 13TripAdvisor Inc. 9ING U.S. 8JDS Uniphase Corp. 7US Airways Group Inc. 5Douglas Cote 5network 4Cree Inc. 3Terry Lundgren 3Steinway Musical Instruments Inc. 2US Airways 2energy-efficient lighting products 2ANA Holdings Inc. 1Kohlberg & Co. 1Brocade Communications Systems Inc. 1American Airlines-US Airways 1piano maker 1online travel research 1Burt White 1

Free Newsletter Modern Trader Follow

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