Treasuries Drop as Dollar Gains; Most U.S. Stocks Decline

Treasuries slid, sending 10-year yields to a four-month high, while the dollar rose and gold tumbled as the Federal Reserve’s improved economic assessment caused investors to reduce bets on more monetary easing. Most U.S. stocks fell a day after the biggest rally of 2012.

The U.S. 10-year yield increased 14 basis points to 2.27 percent and the dollar strengthened versus all 16 major peers. The Standard & Poor’s 500 Index retreated 0.1 percent to 1,394.28 at 4 p.m. in New York after yesterday closing at its highest level since June 2008. The Dow Jones Industrial Average rose for a sixth day, its longest rally in more than a year, ending up 16.42 points at a more-than four-year high of 13,194.1. Gold futures slid to an eight-week low.