U.S. Stocks Fall on Debt Ceiling as Treasuries, Yen Rise
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U.S. stocks fell, extending a weekly drop, amid concern a political impasse over the federal budget will hurt the economy. Treasuries rose and the yen strengthened while metals rallied.
The Standard & Poor’s 500 Index fell 0.4 percent to 1,691.75 at 4 p.m. in New York while the rate on 10-year Treasury notes lost 2.5 basis points to 2.62 percent. The yen appreciated against all 16 major peers as Japan’s finance minister damped speculation the government will cut the corporate tax rate. The pound advanced against most major currencies as Bank of England Governor Mark Carney told a U.K. newspaper he does not support increasing asset purchases. Italian bonds and European shares slid following a debt auction.