Economics
U.S. Stocks Halt Rally as Dollar Gains; Turkish Lira Tumbles
- Bonds pare losses, yen gains as Turkey army says takes power
- S&P 500 ends five-day rally, slips from record highs
Folkerts-Landau: Monetary Policy Now Doing Serious Damage
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The S&P 500 Index halted a five-day rally that took it to a record, while the dollar rose and Treasuries had the biggest weekly drop in a year as data boosted optimism in the economy.
News after the close of U.S. equities markets that Turkey’s army had seized power stoked demand for haven assets. The nation’s lira plunged more than 4 percent, while the yen strengthened and Treasuries pared losses. Futures on the S&P 500 slid 0.4 percent before closing at 5 p.m. in New York, while the risk premium on the Markit CDX North America Investment Grade Index, a measure of credit default swaps of company bonds, jumped 2.1 percent.