By Sapna Maheshwari Nov. 17 (Bloomberg) -- Most U.S. stocks declined, pulling benchmark indexes down from 13-month highs, after industrial production increased less than forecast and declines in metal prices weighed on commodity producers. The dollar strengthened for the first time in three days. Caterpillar Inc. and Alcoa Inc. helped lead declines in the Dow Jones Industrial Average as the Federal Reserve said industrial output increased 0.1 percent in October, trailing the median economist estimate for 0.4 percent growth. Barrick Gold Corp. fell as the precious metal retreated from a record. The Dow’s decline was limited as Exxon Mobil Corp. advanced after Warren Buffett’s Berkshire Hathaway Inc. purchased a stake. About two stocks retreated for each that rose on the New York Stock Exchange. The Standard & Poor’s 500 Index declined 0.2 percent to 1,107.45 at 9:56 a.m. in New York. The Dow lost less than 0.1 percent to 10,401.82. “This industrial production number is pointing to weak manufacturing in the United States as well as weak demand,” said Chad Morganlander, a money manager in Florham Park, New Jersey, at Stifel Nicolaus & Co., which oversees about $98 billion in client assets. “This could put a wet blanket on the optimists for a day or two.” U.S. stocks rallied yesterday, sending the S&P 500 and Dow to the highest levels since October 2008, and commodities gained as retail sales rebounded and Asian government leaders pledged to maintain economic stimulus spending. The S&P 500 has jumped 63 percent from a 12-year low in March as a four-quarter contraction in the world’s largest economy ended. Gold Slips From Record Barrick Gold fell 1.7 percent to $43.23. Newmont Mining Corp., the largest U.S. gold producer, dropped 1.5 percent to $51.61. Gold declined as some investors opted to lock in gains after the precious metal rose to a record yesterday. SunPower Corp. lost 18 percent to $22.29. Based on an internal review of its Philippine manufacturing operations, the company found unsubstantiated accounting entries made in the first three quarters of this year, and that results may need to be restated, the second-biggest U.S. supplier of solar modules said. Per-share earnings have topped estimates at 80 percent of S&P 500 companies that have released third quarter earnings, a record in Bloomberg data going back to 1993, even as profits slumped for a record ninth straight quarter. Hess Corp. rose 0.9 percent to $58.14. The fifth-biggest U.S. oil company was raised to “buy” from “neutral” at UBS, which cited the company’s “attractive relative valuation, strong oil price leverage, and large exploration potential.” To contact the reporter on this story: Sapna Maheshwari at smaheshwar11@bloomberg.net.

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