Stocks Drop as Optimism Falters
Information on economy not very promising
U.S. stocks fell, paring a weekly gain for the Standard & Poor's 500 Index, after better-than- forecast payrolls failed to keep commodity and technology shares from slumping as Americans prepared to pick a president.
The S&P 500 Index fell 0.9 percent 1,414.25 at 4 p.m. in New York. The benchmark gauge reversed a 0.5 percent advance after climbing above 1,434, a level watched by traders because it is the average price over the last 50 days. The index rose 0.2 percent for the week shortened by Hurricane Sandy.