U.S. stocks fell, with the S&P 500 marking the longest weekly losing streak in four months, amid lackluster results from large retailers while data signaling consumers remain healthy added to the case for higher interest rates.
Despite signs of vitality among consumers, companies that rely on their willingness to spend were among the biggest losers Friday as Nordstrom Inc. and J.C. Penney Co. added to a list of disappointing results and outlooks from department stores this week. Losses among banks accelerated in afternoon trading while energy producers retreated as crude prices fell for the first time in four days.
The S&P 500 dropped 0.9 percent to 2,046.53 at 4 p.m. in New York, capping a third straight weekly loss and closing at a one-month low. Declines gathered pace after the gauge slipped below its average price during the past 50 days.