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 S&P 500 fell a fraction of a point, or less than 0.1 percent, to 1,962.61. The index closed at a record 1,962.87 on Friday. The Dow Jones industrial average dropped 9.82 points, or less than 0.1 percent, to 16,937.26. The Nasdaq composite index edged up 0.64 point, or less than 0.01 percent, to 4,368.68.
FMC dropped $3.65, or 4.9 percent, to $71.10 after the company lowered its earnings forecast for the second-quarter.
The stock market may be heading for a summer lull after its latest record-setting run, as investors wait for more confirmation that the economic outlook is improving, said Scott Wren, a senior equity strategist at Wells Fargo Advisors.
The S&P 500 is up 6.2 percent for the year after trading mostly sideways for the first three months of the year.