U.S. Stocks Fluctuate as Payrolls Report Offsets Services Data

Posted by Bloomberg

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U.S. stocks fluctuated, after the Standard & Poor’s 500 Index rebounded from its worst drop since June, as a private report showing companies added fewer jobs than forecast offset acceleration in service industries.

Cognizant Technology Solutions Corp. fell 4.3 percent on a disappointing forecast. 3D Systems Corp. slumped 18 percent after its projection trailed expectations. Wynn Resorts Ltd. andLas Vegas Sands Corp. declined at least 0.9 percent after a report indicated Macau casino revenue growth slowed to the weakest pace since October 2012. Genworth Financial Inc. and Radian Group Inc. rallied more than 3.2 percent after posting profits from insuring U.S. mortgages.

The S&P 500 retreated 0.3 percent to 1,750 at 12:16 p.m. in New York. The Dow Jones Industrial Average slipped 10.85 points, or 0.1 percent, to 15,434.39. Trading in S&P 500 stocks was 22 percent above the 30-day average during this time of the day.

“There’s uncertainty around the economic outlook,” Walter Todd, who oversees about $950 million as chief investment officer of Greenwood Capital Associates LLC in Greenwood, South Carolina, said in a phone interview. “People had a lot of confidence coming into this year that the economy was accelerating, and the recent set of economic statistics have thrown that into question.”

The S&P 500 has fallen 5.3 percent this year, and lost as much as 5.8 percent since reaching a record 1,848.38 on Jan. 15, the first decline of more than 5 percent since June 2013. Should it follow the pattern from the 18 times that’s happened since 2009, the S&P 500 would fall to about 1,697 in the next week, then rebound to a new high by mid-April, according to data compiled by Bloomberg and Bespoke Investment Group.

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