Most Stocks Fall on Greece, Fiscal Cliff as Metals Gain
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Most U.S. stocks fell, following the worst weekly drop since June, as investors awaited budget talks in Washington and results of a European meeting on Greek aid. Industrial metals rallied as China’s exports topped forecasts.
About seven stocks dropped in the U.S. for every six that advanced. The Standard & Poor’s 500 Index, which tumbled 2.4 percent last week, closed little changed at 1,380 at 4 p.m. in New York. A gauge of industrial metals in the S&P GSCI Index of commodities increased 1.4 percent as aluminum, zinc and copper jumped. The yuan reached a 19-year high. Australia’s currency gained against 15 of 16 major peers as New Zealand’s dollar rose versus all 16, while the euro traded near a two-month low.