Euro Falls on Merkel Comments as Europe Stocks Rise; Oil Drops
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U.S. equities retreated, almost erasing a gain for the week, while European stocks tumbled with the region’s higher-yielding bonds amid growing concern Greece will run out of time for reaching a deal to stave off default.
The Standard & Poor’s 500 Index lost 0.8 percent at 4 p.m. in New York, leaving it little changed for the week. The Stoxx Europe 600 Index dropped 0.9 percent, paring an advance in the five days. The euro traded at $1.12575 after earlier weakening. Yields on 10-year Spanish and Portuguese bonds surged more than 10 basis points, while rates on German bunds slipped. Oil fell 1.3 percent in New York.