U.S. Stocks Decline, Dollar Gains Amid Inflation Data
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U.S. stocks dropped, halting a four-day rally, while the dollar advanced as the cost of living in America unexpectedly rose. Oil sank to a two-year low after an inventory report and gold fell the most in two weeks.
The Standard & Poor’s 500 Index lost 0.7 percent at 4 p.m. in New York after its biggest rally in a year yesterday. Boeing Co. plunged 4.5 percent to drag the Dow Jones Industrial Average lower. The Stoxx Europe 600 Index rose 0.7 percent to cap its best two-day rally in 15 months. The Bloomberg Dollar Spot Index rose 0.3 percent. Gold slid 0.5 percent to settle at $1,245.50 an ounce, while crude lost 2.4 percent.