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U.S. stocks fell, a day after the Standard & Poor’s 500 Index rose to the highest level since 2008, as factory orders increased less than forecast and investors awaited minutes from the last Federal Reserve meeting.
Factory bookings in February rose 1.3 percent after a revised 1.1 percent decline in January, figures from the Commerce Department showed today in Washington. The median of 60 economists’ projections called for a 1.5 percent advance. Orders excluding transportation equipment increased by the most in five months.
The Federal Open Market Committee will release minutes today of its March 13 meeting, when policy makers raised their assessment of the economy and repeated that “exceptionally low” interest rates may be needed through late 2014.
Dow 13,212.98 -51.51 -0.39%, Nasdaq 3,115.25 -4.45 -0.14%, S&P 500 1,412.94 -6.10 -0.43%
JPMorgan Chase & Co. (JPM) declined 1.8 percent to $45.31 while Goldman Sachs Group Inc. fell 1.8 percent to $122.70. Morgan Stanley dropped 1.7 percent to $19.48.
Netflix decreased 1.1 percent to $112.74 after Barclays cut its rating from overweight to equalweight, citing competitive threats. The rating means the stock is expected to perform in line with its sector over a 12-month period.
Apple advanced 1.4 percent to $626.99. The world’s most valuable company could surge to $1,000 by 2014, Gene Munster, an analyst at Piper Jaffray Cos., said in a note to clients today. He raised his 12-month price target to $910 from $718. Brian White, an analyst at Topeka Capital Markets, yesterday set an estimate of $1,001.
Urban Outfitters Inc. gained 3.4 percent to $30.55. The operator of its namesake, Anthropologie and Free People brands stores said same-store sales in the first quarter climbed, exceeding analysts’ estimates. The stock was raised to neutral from sell at Citigroup Inc.
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