Business

Snapshot

Budget stalemate still a drag on stocks

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US stocks fell again on Friday as a slump in Apple and the federal budget stalemate offset an increase in industrial production and data showing China’s manufacturing may expand at a faster pace. The S&P 500 index fell 0.4 percent. The benchmark measure for American equities lost 0.3 percent during the week. Nine of 10 industries in the S&P 500 retreated as technology, the biggest group, led the losses. President Obama and House Speaker John Boehner remained deadlocked Thursday during their third White House meeting on next year’s budget. The S&P 500 has dropped 0.2 percent this month, paring its 2012 rally to 12 percent.

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