Stocks Fall on Mortgage Concern, Apple Forecast; Dollar Rallies
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Stocks slid, dragging U.S. benchmark indexes down from five-month highs, as concern grew that banks will have to buy back soured mortgages and Apple Inc.’s profit forecast missed analyst estimates. The dollar rallied and commodities retreated as China raised interest rates.
The Standard & Poor’s 500 Index slid 1.6 percent, the most in two months, to 1,165.9 at 4 p.m. in New York. The Dollar Index gained 1.7 percent for the biggest advance since August. Oil tumbled the most in eight months, losing 4.3 percent to $79.49 a barrel, and copper slid almost 3 percent. Ten-year Treasuries rallied for a second day, sending their yield down three basis points to 2.48 percent.