S&P 500 Slips From Record as Yen Rebounds; Silver, Gold Advance
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The Standard & Poor’s 500 Index retreated from a record amid concern the Federal Reserve will scale back its stimulus efforts. Gold and silver advanced as Moody’s Investors Service warned the U.S. rating may be cut. The yen rebounded from the weakest level since 2008.
The S&P 500 lost less than 0.1 percent to 1,666.29 as of 4 p.m. in New York after rising as much as 0.3 percent. The Stoxx Europe 600 Index reached an almost five-year high and the U.K.’s FTSE 100 Index closed at the strongest level since 2000. Silver and gold reversed early losses as Moody’s said the U.S. may face a downgrade in 2013 if a federal budget deal isn’t reached. The yen added 0.9 percent to 102.27 per dollar.