Economics
U.S. Stocks Retreat as Fed Minutes Indicate More Cuts
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U.S. stocks fell, after the Standard & Poor’s 500 Index rose to within one point of a record close, as the International Monetary Fund warned of risks to global growth and Federal Reserve indicated stimulus cuts will likely continue.
U.S. Steel Corp. lost 7 percent after the Department of Commerce rejected its claim that South Korea is selling steel tubing in the U.S. below cost. JPMorgan Chase & Co. and Bank of America Corp. lost at least 1.6 percent as financial shares led declines. Nabors Industries Ltd., CF Industries Holdings Inc. and Garmin Ltd. jumped at least 5 percent after earnings beat analysts’ estimates. Signet Jewelers Ltd. added 18 percent after agreeing to buy Zale Corp. for $21 a share.