U.S. stocks slipped from their highest levels this year, with declines in consumer and industrial shares overshadowing gains in health-care companies, as investors looked for fresh reasons to continue a rally.
Equities lost momentum after capping a sixth weekly gain in seven. Ford Motor Co. and General Motors Co. fell more than 1.8 percent to the lowest in more than a month, sliding for a second day after disappointing March sales. Miner Freeport-McMoRan Inc. lost 4.8 percent as copper capped its longest losing streak in two years. Virgin America Inc. jumped 42 percent after Alaska Air Group Inc. agreed to buy the carrier for $2.6 billion.
The Standard & Poor’s 500 Index dropped 0.3 percent to 2,066.13 at 4 p.m. in New York, the biggest slide in more than a week. The Dow Jones Industrial Average lost 55.75 points, or 0.3 percent, to 17,737. The Nasdaq Composite Index declined 0.5 percent. About 6.4 billion shares traded hands on U.S. exchanges, 25 percent below the 2016 average. READ MORE