U.S. stocks dropped, reversing a 1.7 percent surge in the Standard & Poor�s 500 Index, as Exxon Mobil Corp. drove energy companies lower and the government pushed Chrysler LLC into bankruptcy.

Exxon fell 2.6 percent after the world�s largest company by market value posted the biggest profit drop since 2002. Procter & Gamble Co., the largest household-products maker, slid 1.9 percent as a sales slump prompted a reduction in the company�s full-year earnings forecast. Dow Chemical Co. soared 18 percent following its unexpected profit, limiting the market�s retreat.

The S&P 500 fell 0.1 percent to 872.81, giving the benchmark index for U.S. stocks a 9.4 percent rally in April. That�s the steepest monthly advance since March 2000. The Dow Jones Industrial Average slumped 17.61 points, or 0.2 percent, to 8,168.12 today. Shares in Asia climbed and Europe�s Dow Jones Stoxx 600 Index recouped its 2009 loss.

Stock indexes began paring their advance midday, costing the S&P 500 the best monthly performance since 1991. The April rally was fueled by companies from Wells Fargo & Co. to Ford Motor Co. beating analysts� profit estimates. Almost 70 percent of companies in the index that have reported since April 7 topped projections, the highest proportion since the end of 2006. The Russell 2000 Index of small U.S. companies briefly erased its 2009 loss today by rallying as much as 2 percent.

(Bloomberg.com)