U.S. Stocks Slide Amid Allstate, CVS Results; Apple Extends Fall

U.S. stocks declined for a third day, amid disappointing results from Allstate Corp. and CVS Health Corp. while Apple Inc. slipped further into a correction.

The Standard & Poor’s 500 Index lost 0.2 percent to 2,093.37 at 4 p.m. in New York, slipping below its average price during the past 100 days.

The S&P 500 rose 2 percent in July, the best monthly gain since February, as earnings from Amazon.com Inc. and Google Inc. countered declines by energy and mining stocks. The index closed Tuesday 1.8 percent below a record set in May.

Almost three-quarters of the benchmark’s members have reported earnings this season, with 74 percent beating profit estimates and about half exceeding sales projections. Analysts now forecast a 2.8 percent drop in second-quarter earnings, shallower than calls for a 6.4 percent fall about three weeks ago.

Source: Bloomberg

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