US stocks fall amid inflation fears

Stocks in the US retreated from lofty heights today after a European Central Bank official pointed to rising price risks and a major Wall Street bank lowered its sales expectations for Chinese internet company Baidu.com.

The news caused traders to take profits, particularly in the technology sector, from big gains made earlier in the session. The Dow Jones industrial average and the Standard & Poor’s 500 index fell from record levels that had been reached after Wal-Mart Stores Inc lifted its profit forecast.