Stocks Retreat, Led by Chipmakers; Oil, Gold Gain
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U.S. stocks fell, erasing last week’s gain, as chipmakers slid after a ratings downgrade and oil advanced to a 29-month high. Ten-year Treasuries climbed, while Greek default risk increased to a record after Moody’s Investors Service cut the nation’s credit rating.
The Standard & Poor’s 500 Index decreased 0.8 percent to 1,310.15 at 4 p.m. in New York and the Stoxx Europe 600 Index erased earlier gains to slip 0.4 percent. Oil advanced 1 percent to $105.44 a barrel. Gold trimmed gains after rallying to as much as $1,445.70 an ounce, an all-time high. Ten-year Treasury note yields slid five basis points to 3.51 percent.