US stocks fall as economic reports, Europe overshadow earnings
U.S. stocks retreated for a second day as disappointing economic data and concern over Europe’s debt crisis overshadowed better-than-forecast earnings from companies including EBay Inc. and Morgan Stanley. The Standard & Poor’s 500 Index lost 0.6 percent to 1,376.89 at 4 p.m. New York time, according to preliminary closing data, adding to yesterday’s 0.4 percent decline. The S&P 500 fell after reports showed sales of previously owned U.S. homes in March unexpectedly fell, while more Americans than forecast filed applications for unemployment benefits last week. Another report showed manufacturing in the Philadelphia region expanded at a slower pace in April as orders and sales cooled.