S&P 500 Sinks to One-Month Low After Retail Sales; Dollar Gains
- Crude slips from six-month high as iron ore, steel slide
- U.S. dollar climbs after data reignites Fed rates wagers
Retail Rebound: Sales Rise by Most in a Year
This article is for subscribers only.
U.S. stocks slumped to a one-month low as the dollar climbed, after the biggest gain in American retail sales in a year reignited speculation the Federal Reserve may lift rates as early as June. Oil retreated.
The S&P 500 extended losses in afternoon trading, with declines by financial and consumer shares being the biggest drags on the benchmark. The dollar gained versus all but two major peers, as the gap between two- and 10-year Treasury yields fell to the narrowest since 2007. Oil retreated from a six-month high and a gauge of commodities fell for the first time in four days.