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U.S. stocks fell, reversing earlier gains by benchmark indexes, after Spanish Prime Minister Mariano Rajoy said a request for rescue funds is not imminent and investors awaited a monthly report on American employment. Rajoy said he has no plans to request rescue funds for Spain in the near term, defying speculation that the nation was preparing to ask for a bailout. Spanish regional presidents meet in Madrid today after Economy Minister Luis de Guindos said yesterday the nation is pressing on with its analysis of whether to seek a bailout.
The jobless rate in the U.S. probably rose 8.2 percent last month from 8.1 percent in August, as employers kept a lid on hiring, economists said before a report this week. Payrolls increased by 115,000 in September, less than the 139,000 average over the first eight months of the year, the report, due Oct. 5, may also show.
Chipotle Mexican Grill Inc. slipped 3.8 percent after hedge fund manager David Einhorn recommended betting against the restaurant chain.
Mosaic Co. dropped 3.9 percent after reporting earnings that missed estimates.
Citigroup Inc. increased 1 percent as its rating was raised by KBW.
MetroPCS Communications Inc. rallied 19 percent as Deutsche Telekom AG is said to be nearing a deal with the wireless carrier.
S&P 500 1,444.29 -0.20 -0.01%
NASDAQ 3,117.55 +4.02 +0.13%Dow 13,471.65 -43.46 -0.32%
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