U.S. stocks fell, as the Standard & Poor’s 500 Index headed toward its first weekly decline in almost two months, amid speculation whether central banks will ease monetary policy further and European leaders will be able to solve the region’s debt crisis.
Hewlett-Packard Co. (HPQ) dropped 7.6 percent after forecasting full-year earnings that missed analysts’ estimates as demand slumped. Big Lots Inc. (BIG) erased 19 percent after lowering its annual earnings projection. Best Buy Co. rose 1.5 percent as the company is said to have resumed talks with founder Richard Schulze about a due diligence agreement.
The S&P 500 (SPX) slumped 0.4 percent to 1,408.41 at 9:39 a.m. in New York. The Dow Jones Industrial Average lost 53.59 points, or 0.4 percent, to 13,119.17 today.
“People aren’t willing to invest,” said Stephen Hammers, the chief investment officer at Brentwood, Tennessee-based Compass EMP Funds, which manages about $1 billion in assets. “Any time you get news we might get additional stimulus, you’ll have some short-term pick up in the markets but it doesn’t last.”
U.S. stocks erased losses yesterday as minutes from theFederal Open Market Committee’s last meeting showed many members judged that more stimulus “would likely be warranted fairly soon.”
Fed Bank of Chicago President Charles Evans told reporters in Beijing today that easing policies would support economic growth around the world, including in China, broadening his call for more stimulus in the U.S. James Bullard, the Fed Bank of St. Louis President, said the minutes of this month’s meeting were no longer as relevant because the U.S. economy has picked up in the past month.
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