Treasuries, U.S. Stocks Decline as Debt Concerns Offset Earnings
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U.S. stocks and Treasuries retreated as positive earnings reports were offset by concern that a Senate plan to help the U.S. government avoid default faced resistance from House Republicans. Oil rallied.
The Standard & Poor’s 500 Index slipped 0.1 percent to 1,325.84 at 4 p.m. in New York, a day after its biggest rally since March. The drop in Treasuries sent the 10-year yield up five basis points to 2.94 percent, erasing yesterday’s decrease. Oil rose 0.7 percent, rebounding from earlier losses. The Dollar Index, a gauge of the currency against six major peers, fell 0.6 percent to 74.81. Italian and Spanish bonds rallied before a European debt-crisis summit.