Stocks slip below records; FMC falls
Source: AP-Excite
By STEVE ROTHWELL
NEW YORK (AP) Stocks fell for the first time in seven days, ending a run that had pushed the indexes to all-time highs, as investors assessed corporate news.
Chemical company FMC fell the most in the Standard & Poor's 500 index after cutting its earnings forecast for the second quarter due because its Agricultural Solutions unit performed worse than expected in the period. General Electric and Wisconsin Energy both dropped after announcing acquisitions.
The stock market has climbed steadily in the last two months amid signs that the economy has recovered its momentum after being disrupted by an unusually harsh winter. Stronger growth should translate into higher corporate profits.
"The market has had a good run and it needs to pause," said Peter Cardillo, chief market economist at Rockwell Global Capital.
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Trader John Santiago, left, talks with a colleague on the floor of the New York Stock Exchange Monday, June 23, 2014. Stocks are edging lower in early trading after indexed closed last week at record highs. (AP Photo/Richard Drew)