U.S. stocks retreated for a fifth day as Federal Reserve Chairman Ben S. Bernanke said the banking system still hasn’t stabilized, offsetting gains in commodity shares on speculation China will boost demand for raw materials.

Goldman Sachs Group Inc. and MetLife Inc. dragged a gauge of financial companies in the Standard & Poor’s 500 Index to its lowest level since 1992. Home Depot Inc. fell more than 4.6 percent for a second day as fewer Americans than forecast signed contracts to buy previously owned homes.

The S&P 500 slid 0.6 percent to 696.33, its first close below 700 since October 1996. The Dow Jones Industrial Average fell 37.27 points, or 0.6 percent, to 6,726.02 and the Russell 2000 Index slipped 1.9 percent. Almost two stocks fell for each that rose on the New York Stock Exchange.

(Source: Bloomberg.com)