[08/15/13] U.S. stocks fell the most since June as forecasts from Cisco Systems Inc. and Wal-Mart Stores Inc. disappointed while improving economic data pushed bond yields higher amid concern the Federal Reserve will reduce stimulus.
All 10 major industries in the S&P 500 retreated, with technology and consumer-discretionary shares dropping more than 1.7 percent. Cisco and Wal-Mart lost at least 2.6 percent after reporting earnings. Gannett Co. tumbled 5.1 percent after Warren Buffett’s Berkshire Hathaway Inc. exited its stake in the newspaper publisher. Homebuilders rallied as confidence in the industry rose to the highest level since 2005 despite rising mortgage rates.
The Standard & Poor’s 500 Index slipped 1.4 percent, the most since...
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