Stocks Retreat While Treasuries Rise on Budget Deadlock
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U.S. stocks fell for a second day and Treasuries rose as Senate Majority Leader Harry Reid said budget talks in Washington have made little progress. The dollar strengthened while oil, gold and cocoa led commodities lower.
The Standard & Poor’s 500 Index lost 0.5 percent to close at 1,398.94 at 4 p.m. in New York after earlier climbing 0.2 percent. The dollar rose against 13 of 16 major peers, while crude and gold futures decreased at least 0.4 percent. The Stoxx Europe 600 Index ended 0.3 percent higher. Ten-year Treasury yields were down 2.6 basis points at 1.64 percent.