U.S. Stocks Drop as Yen Slips Amid Budget Deadlock
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U.S. stocks fell amid growing concern American lawmakers will fail to reach a budget agreement by the end of the year. The yen weakened as Japan’s incoming prime minister said he will consider changing the law governing the central bank, while commodities declined.
The Standard & Poor’s 500 Index dropped 0.2 percent to 1,426.66 as of 1 p.m. in New York. The Stoxx Europe 600 Index slipped 0.2 percent. The yen fell to a 20-month low against the dollar, sliding 0.7 percent. Natural gas lost 3 percent, the biggest drop since Dec. 7, amid forecasts for warmer weather.